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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net loss $ (49,980) $ (42,896)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,258 2,249
Depreciation expense 120 121
Loss on extinguishment of debt 250
Non-cash interest expense 987 4,573
Non-cash lease expense 3 2
Loss from changes in fair value on derivative liability and warrants 384 4,910
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,644) (145)
Accounts payable 132 (1,705)
Accrued expenses and other current liabilities 2,419 719
Deferred grant income (3,313) 3,313
Net cash used in operating activities (46,384) (28,859)
INVESTING ACTIVITIES    
Purchase of property and equipment (340) (166)
Purchases of investments (100)
Net cash used in investing activities (340) (266)
FINANCING ACTIVITIES    
Proceeds from issuance of convertible notes 23,500
Proceeds from term loan 12,500
Proceeds from Series D issuance 170,000
Issuance costs paid on Series D issuance (542)
Proceeds from initial public offering, net of underwriting discounts and commissions 184,140
Issuance costs paid on initial public offering and private placement (3,268)  
Proceeds from issuance of common shares through private placement, net of placement agent fees 9,858
Term loan principal payments (4,500)
Proceeds from issuance of common shares upon stock option exercises 609
Net cash provided by financing activities 356,297 35,950
Effect of changes in exchange rate on cash, cash equivalents, and restricted cash (56) 65
Net increase in cash, cash equivalents and restricted cash 309,517 6,890
Cash, cash equivalents and restricted cash at beginning of period 24,957 27,644
Cash, cash equivalents and restricted cash at end of period 334,474 34,534
Supplemental non-cash disclosure:    
Unpaid equity issuance costs included in accounts payable and accrued expenses 1,249
Conversion of convertible promissory notes into Series D-1 redeemable convertible preferred stock 40,651
Conversion of redeemable convertible preferred stock into common stock upon initial public offering 342,831
Cash paid for interest 1,145 687
Right-of-use assets obtained in exchange for lease obligation 282 407
Convertible Notes    
FINANCING ACTIVITIES    
Issuance costs paid (46)
Term Loan    
FINANCING ACTIVITIES    
Issuance costs paid $ (4)