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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (16,486) $ (12,756)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 224 125
Stock-based compensation expense 3,344 2,646
Non-cash lease expense 224 191
Net amortization of premiums and accretion of discounts on investments (577) (1,133)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 140 593
Accounts payable (2,272) 470
Accrued expenses and other liabilities (1,481) (1,318)
Operating lease liabilities (199) (175)
Net cash used in operating activities (17,083) (11,357)
Cash flows from investing activities:    
Purchases of short-term and long-term investments (28,335) (16,963)
Proceeds from maturities of short-term investments 35,000 26,315
Purchases of property and equipment (815) (25)
Net cash provided by investing activities 5,850 9,327
Cash flows from financing activities:    
Proceeds from exercise of stock options 79  
Payments of offering costs (85)  
Payments of tax withholdings related to vesting of restricted stock units (166)  
Net cash used in financing activities (172)  
Net decrease in cash, cash equivalents, and restricted cash (11,405) (2,030)
Cash, cash equivalents and restricted cash at beginning of period 36,429 29,907
Cash, cash equivalents and restricted cash at end of period 25,024 27,877
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accrued expenses and other current liabilities 47  
Deferred offering costs in accrued expenses and other current liabilities 97  
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 24,607 27,489
Restricted cash 417 388
Total cash, cash equivalents, and restricted cash $ 25,024 $ 27,877