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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:        
Net loss $ (21,384) $ (23,290) $ (67,739) $ (59,131)
Adjustments to reconcile net loss to cash used in operating activities:        
Depreciation     1,125 830
Stock-based compensation expense     8,110 5,126
Amortization and interest accretion related to operating lease     2,811 (212)
Amortization and accretion of premium and discounts on marketable securities, net     (2,905)  
Other non-cash adjustments     20  
Changes in operating assets and liabilities:        
Prepaids and other current and non-current assets     (1,239) 757
Accounts payable     4,916 2,561
Accrued expenses and other non-current liabilities     (5,750) 1,985
Operating lease liabilities, current and non-current     (2,246) (1,489)
Net cash used in operating activities     (62,897) (49,573)
Cash flows from investing activities:        
Purchases of property and equipment     (269) (2,415)
Purchases of marketable securities     (123,900)  
Maturities of marketable securities     60,000  
Net cash used in investing activities     (64,169) (2,415)
Cash flows from financing activities:        
Issuance of common stock upon initial public offering, net of underwriters' fees     76,878  
Payment of offering costs     (511) (430)
Issuance of common stock from At-the-Market Sales Agreement, net of underwriters' fees     9,900  
Proceeds from employee equity plans     2,354 215
Net cash provided by financing activities     88,621 (215)
Effect of exchange rate changes on cash     (40) 64
Net decrease in cash, cash equivalents and restricted cash     (38,485) (52,139)
Cash, cash equivalents and restricted cash at beginning of period     82,322 183,225
Cash, cash equivalents and restricted cash at end of period 43,837 131,086 43,837 131,086
Components of cash, cash equivalents and restricted cash        
Cash and cash equivalents 42,289 129,538 42,289 129,538
Restricted Cash 1,548 1,548 1,548 1,548
Total cash, cash equivalents and restricted cash at end of period $ 43,837 $ 131,086 43,837 131,086
Supplemental noncash investing and financing activities        
Property and equipment included in accounts payable and accrued expenses     14 123
Deferred offering costs in accounts payable and accrued expenses       $ 12
Cash paid for taxes     $ 71