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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (20,806) $ (25,615)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,247 2,279
Depreciation and amortization 27 37
Net accretion of discount on available-for-sale securities 0 (432)
Non-cash lease expense 121 114
Loss on disposal of property and equipment 2 2
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 727 709
Other assets 73 145
Accounts payable (2,650) (481)
Accrued expenses and other current liabilities (3,079) 2,656
Deferred revenue (3,613) 10,871
Other liabilities (113) (82)
Net cash used in operating activities (26,064) (9,797)
Cash flows from investing activities    
Proceeds from maturities of investments 0 44,365
Purchase of investments 0 (11,881)
Net cash provided by investing activities 0 32,484
Cash flows from financing activities    
Proceeds from issuance of common stock and warrants 0 53,616
Proceeds from exercise of common stock options 180 0
Proceeds from issuance of common stock related to employee stock purchase plan 52 99
Proceeds from exercise of pre-funded warrants 0 8
Payment of offering costs 0 (2,721)
Repayment of term loan (811) (811)
Tax withholding payments on restricted stock units (13) (94)
Net cash (used in) provided by financing activities (592) 50,097
Net (decrease) increase in cash, cash equivalents, and restricted cash (26,656) 72,784
Cash, cash equivalents, and restricted cash at beginning of period 96,374 24,732
Cash, cash equivalents, and restricted cash at end of period 69,718 97,516
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 69,683 97,482
Restricted cash, long-term (included in other assets) 35 34
Total cash, cash equivalents and restricted cash $ 69,718 $ 97,516