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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (76,429) $ (46,827)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 100 89
Stock-based compensation 5,530 2,089
Change in fair value of derivative liability 0 61
Noncash lease expense 290 211
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,166) 352
Other assets 0 64
Accounts payable (3,741) 526
Accrued expenses 2,008 1,502
Operating lease liabilities (54) (319)
Net cash used in operating activities (73,462) (42,252)
Cash flows from investing activities:    
Purchase of property and equipment (89) (151)
Net cash used in investing activities (89) (151)
Cash flows from financing activities:    
Proceeds from sale of common stock in offerings, net of issuance costs paid 199,078 0
Proceeds from sale of pre-funded warrants in offerings, net of issuance costs paid 37,579 0
Proceeds from the issuance of common stock in pre-closing financing 0 53,500
Cash acquired in connection with the reverse recapitalization 0 97,403
Payment of reverse recapitalization transaction costs 0 (2,144)
Proceeds from stock option exercises 2,722 219
Net cash provided by financing activities 239,379 148,978
Net increase in cash, cash equivalents and restricted cash 165,828 106,575
Cash, cash equivalents and restricted cash at beginning of year 194,788 88,213
Cash, cash equivalents and restricted cash at end of year 360,616 194,788
Supplemental cash flow information    
Cash paid for income taxes 112 0
Supplemental disclosure of non-cash activities    
Purchases of property and equipment included in accounts payable and accrued expenses 13 0
Right-of-use assets obtained in exchange for new operating lease liabilities 1,106 0
Net decrease in right-of-use assets related to lease modifications and reassessment events 317 0
Net decrease in operating lease liabilities due to lease modifications and reassessment events 287 0
Receivable for proceeds from stock option exercises included in other current assets 41 0
Deferred issuance costs on sale of common stock and pre-funded warrants in offerings included in accounts payable and accrued expenses 225 5,792
Settlement of derivative liability upon issuance of common stock to Roche $ 0 $ 6,511