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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flow from operating activities:    
Net loss $ (55,108) $ (36,489)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,655 3,747
Depreciation and amortization expense 68 48
Accretion of discounts and amortization of premiums on investments, net (2,118) (324)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (128) 4,375
Other long-term assets (70) (407)
Accounts payable 880 3,117
Accrued and other liabilities 5,948 1,635
Operating lease assets and liabilities, net 9 41
Other liabilities (114)
Net cash used in operating activities (41,978) (24,257)
Cash flow from investing activities:    
Purchases of short-term investments (96,194) (97,363)
Maturities of short-term investments 102,500 89,994
Purchases of property and equipment (78) (191)
Net cash provided by (used in) investing activities 6,228 (7,560)
Cash flow from financing activities:    
Proceeds from sale of common stock in connection with ATM, net 44,888
Payments for offering costs (234) (135)
Proceeds from issuance of common stock under ESPP 228
Proceeds from issuance of common stock upon exercise of stock options 651 174
Net cash provided by financing activities 45,533 39
Net increase (decrease) in cash and cash equivalents 9,783 (31,778)
Cash and cash equivalents at the beginning of the year 22,397 54,197
Cash and cash equivalents at the end of the period 32,180 22,419
Supplemental disclosure of noncash investing and financing activities:    
Right-of-use asset obtained in exchange for operating lease liability   765
Deferred offering costs included in accounts payable   149
Purchases of property and equipment in accounts payable and accrued liabilities $ 64 $ 34