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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (42,688) $ (31,445)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 157 141
Stock-based compensation 9,659 6,457
Non-cash lease expense 159 0
Amortization of premiums and discounts on marketable securities, net (1,264) (831)
Change in fair value of contingent value right liability (800) 0
Changes in operating assets and liabilities:    
Prepaid expenses, other current and long-term assets (6,087) (5,762)
Operating lease liabilities (166) (2)
Accounts payable 551 304
Accrued expenses and other liabilities (3,317) (1,755)
Net cash used in operating activities (43,796) (32,893)
Cash flows from investing activities:    
Maturities of marketable securities 116,079 0
Purchases of marketable securities (177,607) (151,430)
Receipt of contingent value right milestone payment 10,000 0
Purchases of property and equipment (22) (119)
Net cash used in investing activities (51,550) (151,549)
Cash flows from financing activities:    
Proceeds from exercise of stock options 2,061 281
Proceeds from issuance of common stock under ESPP 320 0
Proceeds from issuance of common stock and Pre-Funded Warrants in the Private Placement, net of issuance costs 89,695 0
Payment of deferred offering costs related to the Sales Agreement 0 (110)
Proceeds from the Financing Transaction, net of issuance costs 0 161,365
Cash acquired in connection with the reverse recapitalization 0 81,821
Payment of reverse recapitalization transaction costs 0 (8,736)
Net cash provided by financing activities 92,076 234,621
Net (decrease) increase in cash, cash equivalents and restricted cash (3,270) 50,179
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 96,925 125,769
Components of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 96,871 125,715
Restricted cash 54 54
Total cash, cash equivalents and restricted cash 96,925 125,769
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock 0 149,749
Deferred offering costs related to the Sales Agreement included in accounts payable and accrued expenses and other current liabilities 0 414
Purchases of property and equipment included in accrued expenses and other current liabilities 23 0
Receivables from stock option exercises included in prepaid expenses and other current assets $ 118 $ 0