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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flow from operating activities:    
Net loss $ (75,521) $ (51,511)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,906 5,476
Depreciation and amortization expense 96 68
Accretion of discounts and amortization of premiums on investments, net (3,057) (910)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 483 4,677
Other long-term assets (110) (1,872)
Accounts payable (164) 1,368
Accrued and other liabilities 9,999 3,672
Operating lease assets and liabilities, net (26) 43
Other liabilities (384) (133)
Net cash used in operating activities (56,778) (39,122)
Cash flow from investing activities:    
Purchases of short-term investments (123,982) (147,623)
Maturities of short-term investments 136,000 154,744
Purchases of property and equipment (142) (195)
Net cash provided by investing activities 11,876 6,926
Cash flow from financing activities:    
Proceeds from sale of common stock in connection with ATM, net 44,888  
Payments for offering costs (234) (371)
Proceeds from issuance of common stock under ESPP 356 150
Proceeds from issuance of common stock upon exercise of stock options 986 617
Net cash provided by financing activities 45,996 396
Net increase (decrease) in cash and cash equivalents 1,094 (31,800)
Cash and cash equivalents at the beginning of the year 22,397 54,197
Cash and cash equivalents at the end of the period $ 23,491 22,397
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   $ 15