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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 $ (89,988) $ (39,699)
Adjustments to reconcile net loss to net cash used by operations:    
Stock-based compensation 6,975 1,436
Accretion of discounts on available-for-sale marketable securities (5,428) (510)
Depreciation and amortization expense 1,570 1,245
Non-cash lease expense 1,859 1,266
Changes in assets and liabilities:    
Prepaid expense and other current assets (666) (207)
Other non-current assets (995) (37)
Accounts payable 6,034 1,104
Accrued compensation 1,628 444
Other accrued expenses and current liabilities 3,278 2,327
Other non-current liabilities 296  
Operating lease liability (1,752) (1,216)
Net cash used in operating activities (77,189) (33,847)
Cash flows from investing activities    
Purchases of available-for-sale marketable securities (362,751) (53,862)
Proceeds from maturities of available-for-sale marketable securities 174,300 13,683
Purchases of property and equipment (1,673) (287)
Net cash used in provided by investing activities (190,124) (40,466)
Cash flows from financing activities    
Proceeds from issuance of common stock upon initial public offering, net of underwriting commissions 341,171  
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs   59,900
Proceeds from exercise of common stock options 227 370
Principal paid on finance lease liabilities (709) (562)
Payments for offering costs (3,361) (156)
Net cash provided by financing activities 337,328 59,552
Net increase (decrease) in cash and cash equivalents and restricted cash 70,015 (14,761)
Cash, cash equivalents and restricted cash, at beginning of period 35,212 38,289
Cash, cash equivalents and restricted cash, at end of period 105,227 23,528
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position    
Cash and cash equivalents 104,663 22,967
Restricted cash 564 561
Cash, cash equivalents and restricted cash at end of period 105,227 23,528
Supplemental disclosure for non-cash investing and financing activities    
Conversion of 114,556,997 shares of redeemable convertible preferred stock to common stock upon the closing of initial public offering 180,574  
Unpaid deferred offering costs included in accounts payable and other current liabilities   729
Purchases of property and equipment in accounts payable 10  
Vesting of restricted stock 6 53
Right-of-use asset obtained in exchange for operating and finance lease liability 2,518 854
Supplemental disclosure of cash flow information    
Cash paid for interest $ 115 $ 140