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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (42,856) $ (100,606)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 32 4
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability 0 81,157
Stock-based compensation expense 3,061 922
Amortization of premiums and accretion of discounts on marketable securities, net 487 155
Amortization of right-of-use asset 137 0
Other non-cash expense 0 109
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,700 (3,881)
Other assets (137) (14)
Accounts payable 552 557
Accrued clinical trial expenses 2,570 147
Operating lease liability (137) 0
Accrued expenses and other current liabilities (562) 3,489
Net cash used in operating activities (35,153) (17,961)
Cash flows from investing activities    
Purchases of marketable securities (41,514) (104,080)
Proceeds from maturities and sales of marketable securities 80,860 0
Purchases of property and equipment (161) (40)
Net cash provided by (used in) investing activities 39,185 (104,120)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 3,792 168,556
Proceeds from exercise of stock options 115 15
Proceeds from issuance of Series B milestone shares, net of issuance costs 0 30,031
Proceeds from exercise of Series A-1 warrant 0 1,250
Proceeds from exercise of common stock warrants 0 614
Net cash provided by financing activities 3,907 200,466
Net change in cash and cash equivalents 7,939 78,385
Cash and cash equivalents at the beginning of the period 122,162 43,777
Cash and cash equivalents at the end of the period 130,101 122,162
Supplemental disclosure of cash flow information    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental disclosure of noncash financing activities    
Right-of-use assets obtained in exchange for operating lease liabilities 242 0
Conversion of convertible preferred stock into common stock upon IPO 0 174,504
Reclassification of preferred stock tranche rights liability upon share issuance 0 81,190
Reclassification of warrant liability upon exercise of preferred stock warrant $ 0 $ 5,380