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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (65,910) $ (31,410)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 65  
Equity-based compensation expense 9,884 2,387
Amortization of discounts on marketable securities (5,750)  
Non-cash lease expense 546  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,675) (1,964)
Other non-current assets (67)  
Accounts payable 3,384 10,339
Operating lease liability (507)  
Accrued expenses 94 (4,479)
Net cash used in operating activities (60,936) (25,127)
Cash flows from investing activities:    
Purchases of marketable securities (352,859)  
Maturities of marketable securities 152,810  
Purchases of property and equipment (402)  
Net cash used in investing activities (200,451)  
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 449,955  
Proceeds from exercise of options and employee stock purchase plan purchases 415  
Payment of deferred offering costs   (1,694)
Net cash provided by (used in) financing activities 450,370 (1,694)
Increase (decrease) in cash, cash equivalents and restricted cash 188,983 (26,821)
Cash, cash equivalents and restricted cash, beginning of period 118,610 15,189
Cash, cash equivalents and restricted cash, end of period 307,593 125,069
Supplemental disclosures of non-cash activities:    
Operating lease right-of-use asset obtained in exchange for operating lease liability 2,556  
Deferred financing issuance costs in accrued liability   1,384
Deferred financing issuance costs in accounts payable   391
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 307,299 125,069
Restricted cash 294  
Total $ 307,593 $ 125,069