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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net loss $ (40,933) $ (21,431)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,065 2,066
Gain on disposal of property and equipment   (14)
Depreciation and amortization 1,007 1,439
Accretion of premium on short term investments (1,385) (468)
Change in fair value of contingent consideration liability 108 876
Changes in operating assets and liabilities:    
Accounts receivable - collaboration agreement 194 8,478
Prepaid expenses 1,233 652
Other current assets 464 (325)
Operating lease liabilities (97) (29)
Accounts payable 1,422 (3,237)
Change in contingent consideration liability   (1,289)
Accrued compensation and other accrued liabilities 2,445 1,002
Other non-current assets 92 (275)
Deferred revenue   (19,306)
Net cash flows used in operating activities (33,385) (31,861)
Investing Activities    
Proceeds from maturities of short-term investments 40,000 35,500
Purchase of short-term investments (6,740) (15,228)
Proceeds from sale of property and equipment 25 193
Purchases of property and equipment (249) (990)
Net cash flows provided by investing activities 33,036 19,475
Financing Activities    
Payments of financing costs (92)  
Payment of contingent consideration related to Myst milestone   (898)
Payment of deferred IPO costs   (269)
Proceeds from exercise of stock options 44 86
Net cash flows used in financing activities (48) (1,081)
Net decrease in cash, cash equivalents and restricted cash (397) (13,467)
Cash, cash equivalents and restricted cash at beginning of the period 17,914 35,113
Cash, cash equivalents and restricted cash at end of the period 17,517 21,646
Supplemental Disclosure of Cash Flow Information:    
Cash paid for income taxes 119  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Accretion of redeemable convertible preferred stock   39
Equipment purchases included in accrued expenses   186
Financing costs included in accounts payable $ 28  
Deferred IPO costs included in accrued expenses   $ 2,286