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Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (14,760) $ (17,459)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 532 453
Stock-based compensation 5,625 5,473
Accretion of discounts on investments, net (1,787) (1,678)
Changes in operating assets and liabilities:    
Accounts receivable (519) (750)
Prepaid expenses and other current assets (1,171) 1,649
Other long-term assets (15) (221)
Accounts payable (456) (107)
Accrued expenses (1,573) (560)
Deferred revenue (733) (1,298)
Operating lease right-of-use assets and liabilities, net 20 587
Net cash used in operating activities (14,837) (13,911)
Cash flows from investing activities    
Purchases of property and equipment (197) (285)
Purchases of short-term investments (178,539) (71,705)
Maturities of short-term investments 65,000 63,250
Net cash used in investing activities (113,736) (8,740)
Cash flows from financing activities    
Proceeds from exercise of common stock options 1,657 1,580
Proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs 320,514 0
Net cash provided by financing activities 322,171 1,580
Net increase (decrease) in cash, cash equivalents and restricted cash 193,598 (21,071)
Cash, cash equivalents and restricted cash - beginning of year 20,021 52,242
Cash, cash equivalents and restricted cash - end of period 213,619 31,171
Supplemental disclosure of noncash investing and financing activities    
Unpaid property and equipment 0 395
Unpaid equity issuance costs 438 0
Vesting of restricted common stock 5 134
Unrealized gain (loss) on available-for-sale securities, net $ (1,189) $ 796