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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flow from operating activities:    
Net loss $ (47,961) $ (35,545)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,065 5,418
Depreciation and amortization expense 56 43
Accretion of discounts and amortization of premiums on investments, net (1,451) (1,310)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,765) (98)
Other long-term assets 2,510 (55)
Accounts payable 1,783 2,894
Accrued and other liabilities (2,455) 2,554
Operating lease assets and liabilities, net (1) (43)
Other liabilities 113 (225)
Net cash used in operating activities (44,106) (26,367)
Cash flow from investing activities:    
Purchases of short-term investments (14,750) (48,346)
Maturities of short-term investments 41,583 67,750
Purchases of property and equipment   (46)
Net cash provided by investing activities 26,833 19,358
Cash flow from financing activities:    
Proceeds from sale of common stock in connection with ATM, net 23,635 44,888
Payments for offering costs (307) (159)
Proceeds from issuance of common stock under ESPP 308 228
Proceeds from issuance of common stock upon exercise of stock options 1,215 556
Net cash provided by financing activities 24,851 45,513
Net increase in cash and cash equivalents 7,578 38,504
Cash and cash equivalents at the beginning of the year 23,491 22,397
Cash and cash equivalents at the end of the period 31,069 60,901
Supplemental disclosure of noncash investing and financing activities:    
Right-of-use asset obtained in exchange for operating lease liability $ 206
Deferred offering costs included in accounts payable   $ 75