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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss $ (34,049) $ (37,805)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation 3,103 3,051
Non-cash interest expense 373 517
Amortization of premium and interest on marketable securities (1,064) (379)
Depreciation expense 19 29
Loss on extinguishment of debt 942 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 2,731 (1,328)
Accounts payable 2,125 (2,721)
Accrued expenses (342) (5,363)
Net cash used in operating activities (26,162) (43,999)
Investing activities    
Purchase of marketable securities (60,533) (39,717)
Proceeds from sales and maturities of marketable securities 40,700 44,700
Net cash (used in) provided by investing activities (19,833) 4,983
Financing activities    
Proceeds from issuance of common stock upon at-the-market offering, net of issuance costs 44,207 0
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 stock option exercises 499 1,496
Proceeds from issuance of common stock upon exercise of common warrants 450 0
Common stock repurchase (44) (22)
Payment of debt extinguishment costs (170) 0
Net cash provided by financing activities 44,942 47,977
(Decrease) increase in cash and cash equivalents (1,053) 8,961
Cash and cash equivalents, beginning of period 49,255 45,917
Cash and cash equivalents, end of period 48,202 54,878
Supplemental disclosure of cash flow information    
Cash paid for interest 2,681 2,277
Cash paid for taxes $ 47 $ 26