XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (52,214) $ (28,112)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 219 151
Stock-based compensation 9,858 2,456
Non-cash lease expense 228 0
Amortization of premiums and discounts on marketable securities, net (2,815) 0
Write-off of deferred IPO costs 0 1,741
Changes in operating assets and liabilities:    
Prepaid expenses, other current and long-term assets (5,425) (1,514)
Operating lease liabilities (231) 3
Accounts payable (1,289) 393
Accrued expenses and other liabilities 2,882 950
Net cash used in operating activities (48,787) (23,932)
Cash flows from investing activities:    
Maturities of marketable securities 40,000 0
Purchases of marketable securities (226,963) 0
Purchases of property and equipment (135) (511)
Net cash used in investing activities (187,098) (511)
Cash flows from financing activities:    
Proceeds from exercise of stock options 309 578
Payment of deferred offering costs related to the Sales Agreement (563) 0
Proceeds from the Financing Transaction, net of issuance costs 161,365 0
Cash acquired in connection with the reverse recapitalization 81,821 0
Payment of reverse recapitalization transaction costs (8,736) 0
Net cash provided by financing activities 234,196 578
Net decrease in cash, cash equivalents and restricted cash (1,689) (23,865)
Cash, cash equivalents and restricted cash at the beginning of the period 75,590 110,078
Cash, cash equivalents and restricted cash at the end of the period 73,901 86,213
Components of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 73,847 86,159
Restricted cash 54 54
Total cash, cash equivalents and restricted cash 73,901 86,213
Supplemental disclosure of non-cash operating activities:    
Lease liabilities obtained in exchange for right-of-use assets 0 (387)
Deferred offering costs related to the Merger included in accounts payable and accrued expenses and other current liabilities 0 959
Receivables from stock option exercises included in prepaid expenses and other current assets 56 0
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock $ 149,749 $ 0