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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (51,130) $ (30,714)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,013 605
Non-cash operating lease expense 890 515
Stock-based compensation 1,888 1,045
Amortization of premiums (discounts), net (601)  
Deferred income tax (338)  
Other 52 5
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,249) (34)
Accounts receivable (60) (33)
Other non-current assets (173) (215)
Accounts payable 2,419 (1,131)
Accrued expenses and other current liabilities 579 559
Operating lease, net 198 (528)
Net cash used in operating activities (46,512) (29,926)
Cash flows from investing activities:    
Purchase of property and equipment (1,491) (1,639)
Proceeds from sale of non-financial asset 22,625 25,000
Purchases of available-for-sale marketable securities (65,828)  
Maturities of available-for-sale marketable securities 17,335  
Net cash (used in) provided by investing activities (27,359) 23,361
Cash flows from financing activities:    
Proceeds from issuance of Series B Convertible Preferred Stock, net of issuance costs 74,942 74,521
Repurchases of unvested restricted common stock (1) (1)
Proceeds from exercise of stock options 16  
Payments of deferred offering costs (1,327)  
Net cash provided by financing activities 73,630 74,520
Net (decrease) increase in cash, cash equivalents and restricted cash (241) 67,955
Cash, cash equivalents and restricted cash, beginning of period 89,388 31,469
Cash, cash equivalents and restricted cash, end of period 89,147 99,424
Cash and cash equivalents 88,242 98,519
Restricted Cash 905 905
Total cash, cash equivalents and restricted cash at end of period 89,147 99,424
Supplemental cash flow information:    
Cash paid for income taxes 232  
Supplemental disclosure for noncash investing and financing activities:    
Right-of-use asset obtained in exchange for operating lease liability (12,462)  
Unpaid deferred offering costs included in accounts payable and accrued expenses and other current liabilities 1,882  
Property and equipment included in accounts payable and accrued expenses and other current liabilities $ 321 $ 355