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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (26,949) $ (22,781)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 26 25
Stock-based compensation 4,058 1,024
Noncash lease expense 142 84
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,112) (908)
Accounts payable (7,360) (10,750)
Accrued expenses 671 (2,084)
Operating lease liabilities (75) (76)
Net cash used in operating activities (33,599) (35,466)
Cash flow from investing activities:    
Purchases of property and equipment (67) (29)
Net cash used in investing activities (67) (29)
Cash flow from financing activities:    
Proceeds from sale of common stock in offerings, net of issuance costs paid 0 34,217
Proceeds from sale of pre-funded warrants in offerings, net of issuance costs paid 0 28,262
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid 14,849 14,605
Proceeds from stock option exercises 806 222
Contributions from employee stock purchase plan 245 0
Net cash provided by financing activities 15,900 77,306
Net increase (decrease) in cash, cash equivalents and restricted cash (17,766) 41,811
Cash, cash equivalents and restricted cash, beginning of period 360,616 194,788
Cash, cash equivalents and restricted cash, end of period 342,850 236,599
Supplemental cash flow information    
Cash paid for income taxes 0 0
Supplemental disclosure of non-cash activities    
Purchases of property and equipment included in accounts payable and accrued expenses 0 8
Receivable for proceeds from stock option exercises included in other current assets 0 845
Deferred issuance costs on sale of common stock and pre-funded warrants in offerings included in accounts payable and accrued expenses $ 0 $ 222