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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (32,406) $ (24,117)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,463 1,542
Depreciation 528 475
Accretion of investments, net (2,676) (813)
Non-cash lease expense 1,249 1,071
Other   25
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,849) (348)
Accounts payable and accrued liabilities 1,037 259
Operating lease liabilities (1,358) (1,074)
Net cash used in operating activities (32,012) (22,980)
Cash flows from investing activities    
Purchases of investments (124,652) (97,387)
Maturities of investments 76,185 51,246
Purchases of property and equipment (1,587) (214)
Net cash used in investing activities (50,054) (46,355)
Cash flows from financing activities    
Proceeds from the issuance of common stock from initial public offering, net of discounts 93,000  
Payments of common stock offering costs (3,336)  
Proceeds from the issuance of convertible preferred stock   100,000
Convertible preferred stock issuance costs   (329)
Proceeds from the exercise of stock options 59 57
Net cash provided by financing activities 89,723 99,728
Net increase in cash and cash equivalents 7,657 30,393
Cash, cash equivalents, and restricted cash at beginning of period 24,266 11,484
Cash, cash equivalents, and restricted cash at end of period 31,923 41,877
Components of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 31,363 41,317
Restricted Cash 560 560
Cash, cash equivalents, and restricted cash at end of period 31,923 41,877
Non-cash investing and financing activities    
Change in unpaid common stock issuance costs (183)  
Addition to ROU assets   282
Increase to ROU assets due to remeasurement of lease obligation   1,125
Vesting of early exercised stock options 4 88
Unpaid property and equipment purchases $ 107 $ 100