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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (477,284) $ (42,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 14,610 10,360
Depreciation and amortization 302 112
Non-cash lease expense (77) (35)
Change in fair value of warrant liability 324 123
Amortization of premium on marketable securities (5,244) (5,368)
Realized loss on marketable securities 6 195
Net loss on disposal of property and equipment 0 12
Acquired In-Process Research and Development 425,070 0
Change in operating assets and liabilities (net of assets and liabilities acquired in the Merger)    
Accounts receivable (117) 0
Prepaid expenses and other current assets (1,731) 288
Interest receivable on marketable securities (192) (310)
Lease security deposit (2) 0
Other non-current assets (488) 0
Accounts payable (2,791) 438
Contract liabilities (1,391) 0
Accrued expenses (4,022) (264)
Net cash used in operating activities (53,026) (36,815)
Cash flow from investing activities:    
Cash acquired from AnHeart acquisition 19,863 0
Transaction costs related to AnHeart acquisition (7,343) 0
Purchases of marketable securities (221,939) (443,800)
Proceeds from sale of marketable securities 251,261 429,184
Purchases of property and equipment (27) (34)
Net cash provided by (used in) investing activities 41,815 (14,650)
Cash flow from financing activities:    
Proceeds from borrowings 7,035 0
Payments on borrowings (6,322) 0
Proceeds from issuance of Common Stock under ESPP 108 133
Proceeds from exercises of options 1,948 298
Net cash provided by financing activities 2,769 431
Effect of foreign exchange rate changes on cash and cash equivalents 78 0
Net decrease in cash and cash equivalents (8,364) (51,034)
Cash and cash equivalents, beginning of the period 42,649 101,099
Cash and cash equivalents, end of the period 34,285 50,065
Non-cash financing activity:    
Issuance of Common Stock related to the AnHeart acquisition 89,297 0
Issuance of convertible preferred stock related to the AnHeart acquisition 274,938 0
Issuance of warrants related to the AnHeart acquisition 764 0
Issuance of Replacement Awards Related to the AnHeart Acquisition, Total $ 24,818 $ 0