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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows used in operating activities    
Net Loss $ (47,834) $ (29,114)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,180 2,919
Non-cash operating lease expense 53 57
Net accretion of discount on investments (1,549) (317)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (405) (2,010)
Accounts payable 2,660 1,816
Accrued compensation 28 190
Accrued liabilities 3,727 692
Operating lease liabilities (53) (57)
Other current liabilities 973  
Net cash used in operating activities (36,220) (25,824)
Cash flows from investing activities    
Purchases of investments (112,348) (76,391)
Maturities of investments 68,650 48,565
Net cash used in investing activities (43,698) (27,826)
Cash flows from financing activities    
Proceeds from issuance of common stock from the Underwritten Offering, net of commissions and offering expenses 65,800  
Proceeds from issuance of common stock from the "at-the-market" offering, net of commissions and offering expenses 19,050  
Proceeds from issuance of common stock under the ESPP 366  
Proceeds from exercise of stock options 99  
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses   70,366
Repurchase of early exercised stock options   (11)
Net cash provided by financing activities 85,315 70,355
Net increase in cash and cash equivalents 5,397 16,705
Cash and cash equivalents at the beginning of the period 27,219 12,097
Cash and cash equivalents at the end of the period 32,616 28,802
Supplemental disclosure of noncash financing items    
Deferred offering costs included in accounts payable and accrued liabilities $ 321  
Conversion of redeemable convertible preferred stock into common stock   111,139
Accretion to redemption value and cumulative dividends on preferred stock   $ 1,820