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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (60,377) $ (42,381)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 6,408 12,301
Depreciation expense 288 399
Non cash interest expense 1,571 338
Loss on disposal of fixed assets 141 61
Amortization of operating lease right-of-use asset 246 220
Amortization of finance lease right-of-use asset 482 0
Impairment of right-of-use asset 260 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,499) 1,007
Collaboration revenue receivable, billed and unbilled 84 361
Accounts receivable 4,401 (3,946)
Accounts payable (1,499) 1,623
Accrued expenses and other current liabilities 4,886 6,171
Operating lease liability (255) (224)
Net cash used in operating activities (44,863) (24,070)
Cash flows from investing activities    
Purchases of property and equipment (27) (135)
Net cash used in investing activities (27) (135)
Cash flows from financing activities    
Proceeds from exercise of stock options 154 7
Repayment of financing lease (550) 0
Payment of debt amendment fees (1,139) 0
Proceeds from issuance of debt, net of issuance costs 0 44,105
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 0 30,301
Payment of equity issuance costs (163) (173)
Net cash (used in) provided by financing activities (1,698) 74,240
Net (decrease) increase in cash and cash equivalents (46,588) 50,035
Cash and cash equivalents at the beginning of the period 69,547 34,273
Cash and cash equivalents at the end of the period 22,959 84,308
Supplemental disclosure of noncash investing and financing activities:    
Property and equipment purchases in accounts payable or accrued expenses and other current liabilities at period end 0 93
Cash paid for interest 5,492 1,319
Right-of-use asset obtained in exchange for lease obligation 1,976 116
Common stock warrants issued with debt $ 0 $ 2,041