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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (22,738) $ (14,724)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 79 67
Stock-based compensation 4,515 2,262
Non-cash lease expense 79 0
Amortization of premiums and discounts on marketable securities, net (661) 0
Changes in operating assets and liabilities:    
Prepaid expenses, other current and long-term assets (3,642) (6,088)
Operating lease liabilities (83) (1)
Accounts payable 2,155 492
Accrued expenses and other liabilities (3,065) (2,852)
Net cash used in operating activities (23,361) (20,844)
Cash flows from investing activities:    
Maturities of marketable securities 38,913 0
Purchases of marketable securities (56,778) 0
Purchases of property and equipment (20) (31)
Net cash used in investing activities (17,885) (31)
Cash flows from financing activities:    
Proceeds from exercise of stock options 270 140
Proceeds from issuance of common stock and Pre-Funded Warrants in the Private Placement, net of issuance costs 90,000 0
Proceeds from the Financing Transaction, net of issuance costs 0 162,900
Cash acquired in connection with the reverse recapitalization 0 81,821
Payment of reverse recapitalization transaction costs 0 (7,420)
Net cash provided by financing activities 90,270 237,441
Net increase in cash, cash equivalents and restricted cash 49,024 216,566
Cash, cash equivalents and restricted cash at the beginning of the period 100,195 75,590
Cash, cash equivalents and restricted cash at the end of the period 149,219 292,156
Components of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 149,165 292,102
Restricted cash 54 54
Total cash, cash equivalents and restricted cash 149,219 292,156
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock 0 149,749
Issuance costs related to the Private Placement included in accounts payable and accrued expenses and other current liabilities 170 0
Issuance costs related to the Financing Transaction included in accounts payable 0 1,534
Transaction costs related to reverse recapitalization included in accounts payable and accrued expenses and other current liabilities 0 1,316
Receivables from stock option exercises included in prepaid expenses and other current assets $ 50 $ 0