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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net loss     $ (35,284) $ (26,670)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation expense $ 200 $ 100 452 254
Stock-based compensation expense     6,910 5,332
Non-cash lease expense     453 386
Net amortization of premiums and accretion of discounts on investments     (1,676) (1,901)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     413 2,016
Accounts payable     (3,215) 363
Accrued expenses and other liabilities     1,384 111
Operating lease liabilities     (423) (360)
Net cash used in operating activities     (30,986) (20,469)
Cash flows from investing activities:        
Purchases of short-term and long-term investments     (163,167) (16,963)
Proceeds from maturities of short-term investments     81,925 45,765
Purchases of property and equipment     (952) (137)
Net cash (used in) provided by investing activities     (82,194) 28,665
Cash flows from financing activities:        
Proceeds from issuance of common stock in private placement     69,997  
Proceeds from issuance of pre-funded warrants in private placement     60,003  
Proceeds from exercise of stock options     90 379
Payments of offering costs     (6,236)  
Payments of tax withholdings related to vesting of restricted stock units     (676)  
Net cash provided by financing activities     123,178 379
Net increase in cash, cash equivalents, and restricted cash     9,998 8,575
Cash, cash equivalents and restricted cash at beginning of period     36,429 29,907
Cash, cash equivalents and restricted cash at end of period 46,427 38,482 46,427 38,482
Supplemental disclosure of non-cash investing and financing activities:        
Purchases of property and equipment included in accounts payable     123  
Offering costs in accounts payable and accrued expenses and other current liabilities     308  
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 46,006 38,074 46,006 38,074
Restricted cash 421 408 421 408
Total cash, cash equivalents, and restricted cash $ 46,427 $ 38,482 $ 46,427 $ 38,482