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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (20,557) $ (35,144)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,701 714
Stock-based compensation 7,191 8,552
Non-cash operating lease expense 335 319
Accretion of discount on marketable debt securities (2,924) (1,867)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (8) 678
Accounts payable 1,812 (2,313)
Accrued expenses and other current liabilities (2,951) (11,147)
Operating lease liabilities (594) 2,336
Financing lease liabilities (62)  
Deferred revenues (7,660)  
Net cash used in operating activities (23,717) (37,872)
Investing activities    
Redemption of marketable debt securities 113,848 15,193
Purchase of marketable debt securities (132,105) (130,176)
Purchase of property and equipment (237) (6,665)
Net cash used in investing activities (18,494) (121,648)
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of offering costs 46,872  
Proceeds from issuance of common stock pursuant to ATM program, net of offering costs 10,590 6,122
Tax withholding payments related to net settlement of restricted common stock (239)  
Proceeds from the exercise of stock options 293 3
Proceeds from issuance of common stock under ESPP 105  
Net cash provided by financing activities 57,621 6,125
Net increase (decrease) in cash, cash equivalents and restricted cash 15,410 (153,395)
Cash, cash equivalents and restricted cash at beginning of year 11,136 180,765
Cash, cash equivalents and restricted cash at end of period 26,546 27,370
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 25,074 25,898
Restricted cash 1,472 1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 26,546 $ 27,370