XML 17 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (40,790) $ (12,558)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 360 36
Net (accretion) and amortization of investments in marketable securities (1,807)  
Change in fair value of preferred stock tranche right liability 7,390 1,030
Non-cash lease expense 315  
Stock-based compensation expense 3,845 1,668
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,170) (1,823)
Other assets 51 (149)
Accounts payable (1,040) (502)
Accrued expenses and other current liabilities (795) 898
Operating lease liabilities (326)  
Net cash used in operating activities (33,967) (11,400)
Cash flows from investing activities    
Purchases of short-term investments (183,231)  
Maturities of short-term investments 36,240  
Purchases of property and equipment (2,039) (147)
Net cash used in investing activities (149,030) (147)
Cash flows from financing activities    
Proceeds from initial public offering and concurrent private placement, net of underwriter discounts and commissions and deferred offering costs 159,099  
Proceeds from issuance restricted common stock   54
Payment of deferred offering costs   (58)
Net cash provided by financing activities 223,012 59,916
Net increase in cash, cash equivalents, and restricted cash 40,015 48,369
Cash, cash equivalents, and restricted cash at beginning of period 70,254 31,159
Cash, cash equivalents, and restricted cash at end of period 110,269 79,528
Supplemental disclosure for noncash investing and financing activities:    
Deferred offering costs included in accounts payable and accrued expenses at period end 1,394 108
Purchases of property and equipment included in accounts payable and accrued expenses at period end   88
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 110,164 79,528
Restricted cash 105  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 110,269 79,528
Series A Convertible Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of convertible preferred stock, net of issuance costs paid   59,920
Supplemental disclosure for noncash investing and financing activities:    
Conversion of convertible preferred stock into common stock upon closing of initial public offering 89,487  
Series B Convertible Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of convertible preferred stock, net of issuance costs paid 63,913  
Supplemental disclosure for noncash investing and financing activities:    
Conversion of convertible preferred stock into common stock upon closing of initial public offering 145,252  
Series A Preferred Stock    
Supplemental disclosure for noncash investing and financing activities:    
Settlement of preferred stock tranche right liability   $ 11,465
Series B Preferred Stock    
Supplemental disclosure for noncash investing and financing activities:    
Settlement of preferred stock tranche right liability $ 11,590