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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (22,917) $ (19,280)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 29 10
Stock-based compensation expense 2,911 1,333
Amortization of premiums and accretion of discounts on marketable securities, net (634) 384
Amortization of right-of-use asset 76 66
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,933) 3,282
Other assets (57) (92)
Accounts payable 384 580
Accrued clinical trial expenses 1,385 448
Operating lease liability (76) (66)
Accrued expenses and other current liabilities (1,013) (1,432)
Net cash used in operating activities (21,845) (14,767)
Cash flows from investing activities    
Purchases of marketable securities (52,131) (12,129)
Proceeds from maturities and sales of marketable securities 21,268 15,860
Purchases of property and equipment 0 (45)
Net cash provided by (used in) investing activities (30,863) 3,686
Cash flows from financing activities    
Payments for deferred offering costs (145) (31)
Proceeds from exercise of stock options 0 17
Net cash used in financing activities (145) (14)
Net change in cash and cash equivalents (52,853) (11,095)
Cash and cash equivalents at the beginning of the period 130,101 122,162
Cash and cash equivalents at the end of the period 77,248 111,067
Supplemental disclosure of noncash investing and financing activities    
Deferred offering costs in accrued expenses and other current liabilities 36 207
Deferred offering costs in accounts payable 2 0
Right-of-use assets obtained in exchange for operating lease liabilities 0 233
Purchases of property and equipment in accounts payable $ 0 $ 42