XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:        
Net loss     $ (41,136) $ (22,238)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation $ 100 $ 100 387 239
Stock-based compensation expense     8,560 540
Non-cash lease expense     584 543
Net amortization of premiums and accretion of discounts on investments     (2,643) (182)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     1,942 (1,044)
Accounts payable     439 482
Accrued expenses and other liabilities     2,133 1,388
Operating lease liabilities     (541) (491)
Net cash used in operating activities     (30,275) (20,763)
Cash flows from investing activities:        
Purchases of short-term and long-term investments     (39,947) (49,367)
Proceeds from maturities of short-term investments     70,265 4,673
Purchases of property and equipment     (137) (1,915)
Net cash provided by (used in) investing activities     30,181 (46,609)
Cash flows from financing activities:        
Proceeds from exercise of stock options     457 24
Payments of deferred offering costs       (175)
Net cash provided by (used in) financing activities     457 (151)
Net increase (decrease) in cash, cash equivalents, and restricted cash     363 (67,523)
Cash, cash equivalents and restricted cash at beginning of period     29,907 99,991
Cash, cash equivalents and restricted cash at end of period 30,270 32,468 30,270 32,468
Supplemental disclosure of non-cash investing and financing activities:        
Purchases of property and equipment included in accounts payable and accrued expenses     161 185
Deferred offering costs in accounts payable and accrued expenses       1,369
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 29,859 32,080 29,859 32,080
Restricted cash 411 388 411 388
Total cash, cash equivalents, and restricted cash $ 30,270 $ 32,468 $ 30,270 $ 32,468