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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (35,874) $ (29,990)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 42 20
Stock-based compensation expense 4,511 2,173
Amortization of premiums and accretion of discounts on marketable securities, net (1,344) 575
Amortization of right-of-use asset 103 100
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (436) 2,058
Other assets (38) (78)
Accounts payable (278) 996
Accrued clinical trial expenses (1,151) 1,358
Operating lease liability (103) (100)
Accrued expenses and other current liabilities (182) (1,062)
Net cash used in operating activities (34,750) (23,950)
Cash flows from investing activities    
Purchases of marketable securities (178,857) (12,129)
Proceeds from maturities and sales of marketable securities 55,997 71,860
Proceeds from sale of property and equipment 3 0
Purchases of property and equipment (7) (126)
Net cash provided by (used in) investing activities (122,864) 59,605
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 122,294 0
Proceeds from exercise of stock options 325 19
Payments for deferred offering costs 0 (296)
Net cash provided by (used in) financing activities 122,619 (277)
Net change in cash and cash equivalents and restricted cash (34,995) 35,378
Cash and cash equivalents and restricted cash at the beginning of the period 130,101 122,162
Cash and cash equivalents and restricted cash at the end of the period 95,106 157,540
Supplemental disclosure of noncash investing and financing activities    
Proceeds from sale of property and equipment in other current assets 4 0
Right-of-use assets obtained in exchange for operating lease liabilities 0 233
Deferred offering costs in accrued expenses and other current liabilities 0 41
Reconciliation of cash, cash equivalents and restricted cash to the condensed balance sheets    
Cash and cash equivalents 94,917 157,540
Restricted cash 189 0
Total cash, cash equivalents and restricted cash $ 95,106 $ 157,540