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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (21,168) $ (27,169)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation 1,949 2,208
Non-cash interest expense 268 337
Amortization of premium and interest on marketable securities (625) (175)
Depreciation expense 14 20
Loss on extinguishment of debt 942 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 2,222 1,413
Accounts payable (163) (1,122)
Accrued expenses (1,219) (6,154)
Net cash used in operating activities (17,780) (30,642)
Investing activities    
Purchase of marketable securities (46,960) 0
Proceeds from sales and maturities of marketable securities 30,000 43,100
Net cash (used in) provided by investing activities (16,960) 43,100
Financing activities    
Proceeds from issuance of common stock, purchase warrants and pre-funded warrants for the purchase of common stock, net of underwriting discounts, commissions, and offering costs 0 46,503
Proceeds from issuance of common stock upon at-the-market offering, net of issuance costs 44,207 0
Proceeds from issuance of common stock upon stock option exercises 487 1,466
Proceeds from issuance of common stock upon exercise of common warrants 450 0
Common stock repurchase (42) (19)
Payment of debt extinguishment costs (170) 0
Net cash provided by financing activities 44,932 47,950
Increase in cash and cash equivalents 10,192 60,408
Cash and cash equivalents, beginning of period 49,255 45,917
Cash and cash equivalents, end of period 59,447 106,325
Supplemental disclosure of cash flow information    
Cash paid for interest 1,784 1,392
Supplemental disclosure of non-cash financing activities    
Offering costs in accounts payable and accrued expenses $ 0 $ 390