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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (39,969) $ (32,349)
Adjustments to reconcile net loss to net cash used by operating activities:    
Stock-based compensation expense 3,991 2,482
Non-cash operating lease expense 681 447
Depreciation and amortization 176 36
Amortization of premium/discount on marketable securities (1,000)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,593 (235)
Other non-current assets   789
Accounts payable 419 (2,390)
Accrued expenses and other current liabilities (4,193) (473)
Operating lease liabilities (237) (444)
Net cash used in operating activities (37,539) (32,137)
Cash flows from investing activities:    
Purchases of marketable securities (102,493)  
Proceeds from maturities of marketable securities 12,000  
Purchases of property and equipment (614) (233)
Net cash used in investing activities (91,107) (233)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon initial public offering, net of offering costs   89,872
Payments of finance lease obligations (21) (21)
Proceeds from stock option exercised 803 11
Net cash provided by financing activities 782 89,862
Net increase in cash and cash equivalents (127,864) 57,492
Cash, cash equivalents and restricted cash at beginning of period 187,532 92,347
Cash, cash equivalents and restricted cash at end of period 59,668 149,839
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of Series A & Series B Preferred Stock to common stock, net of Issuance costs   161,939
Deferred offering costs paid in the prior year   1,887
Right-of-use assets obtained in exchange for operating lease liabilities 14,292 77
Prepaid rent reclassified to right-of-use assets $ 2,887  
Purchases of property and equipment included in accounts payable and accrued expenses   $ 129