XML 46 R6.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (60,388) $ (31,167)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 536 364
Stock-based compensation expense 11,618 2,185
Non-cash lease expense 778 731
Net amortization of premiums and accretion of discounts on investments (3,323) (698)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,110 (3,539)
Accounts payable 3,609 (245)
Accrued expenses and other liabilities 3,173 2,919
Operating lease liabilities (754) (667)
Net cash used in operating activities (42,641) (30,117)
Cash flows from investing activities:    
Purchases of short-term and long-term investments (56,528) (150,178)
Proceeds from maturities of short-term investments 108,533 10,668
Purchases of property and equipment (1,288) (2,166)
Net cash provided by (used in) investing activities 50,717 (141,676)
Cash flows from financing activities:    
Proceeds from initial public offering of common stock, net of commissions and underwriting discounts   99,808
Proceeds from issuance of common stock upon Concurrent Private Placement, net of placement agent fee   4,650
Proceeds from exercise of stock options 775 24
Payments of offering costs (1,032) (2,773)
Payments of tax withholdings related to vesting of restricted stock units (1,297)  
Net cash (used in) provided by financing activities (1,554) 101,709
Net increase (decrease) in cash, cash equivalents, and restricted cash 6,522 (70,084)
Cash, cash equivalents and restricted cash at beginning of period 29,907 99,991
Cash, cash equivalents and restricted cash at end of period 36,429 29,907
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock   122,518
Purchases of property and equipment included in accounts payable 635  
Supplemental cash flow information:    
Right-of-use assets obtained in exchange for operating lease liability 437  
Deferred offering costs in accounts payable and accrued expenses and other current liabilities 85 866
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 36,015 29,519
Restricted cash 414 388
Total cash, cash equivalents, and restricted cash $ 36,429 $ 29,907