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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 $ (32,992) $ (18,360)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 47 19
Stock-based compensation expense 2,174 1,005
Accretion of discount on short-term investments (896) (204)
Amortization of right-of-use lease assets 205 79
Changes in operating assets and liabilities:    
Receivable from related party 4,468 (1,083)
Unbilled receivable from related party 419 (1,927)
Prepaid expenses and other current assets 2,546 (862)
Other assets 10 (49)
Accounts payable, accrued expenses and lease liabilities (942) 249
Deferred revenue - related party (46) 914
Net cash used in operating activities (25,007) (20,219)
Cash flows from investing activities:    
Capital expenditures (100) (110)
Purchases of short-term investments (31,195) (47,044)
Proceeds from maturities of short-term investments 59,785 0
Net cash provided by/(used in) investing activities 28,490 (47,154)
Cash flows from financing activities:    
Proceeds from exercise of stock options 5 0
Proceeds from the pre-closing financing 72,000 0
Payment of issuance costs in connection with pre-closing financing (50) 0
Cash acquired in connection with the reverse recapitalization 69,738 0
Payment of reverse recapitalization transaction costs (3,254) 0
Proceeds from issuance of promissory notes payable to related party 377 0
Repayment of promissory notes payable to related party (377) 0
Proceeds from issuance of Series A convertible preferred stock 0 100,000
Payment of issuance costs for Series A convertible preferred stock 0 (3,324)
Net cash provided by financing activities 138,439 96,676
Increase in cash, cash equivalents and restricted cash 141,922 29,303
Cash, cash equivalents and restricted cash, beginning of period 15,425 7,638
Cash, cash equivalents and restricted cash, end of period 157,347 36,941
Supplemental Disclosure    
Cash and cash equivalents 157,282 36,881
Restricted cash 65 60
Total cash, cash equivalents and restricted cash 157,347 36,941
Cash paid for interest 0 0
Cash paid for taxes 0 0
Issuance costs in connection with pre-closing financing included in accrued expenses 4,200 0
Transaction costs related to reverse recapitalization included in accounts payable and accrued expenses 710 0
Conversion of convertible preferred stock into common stock 118,024 0
Additions to right-of-use lease assets from new operating lease liabilities $ 89 $ 931