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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (44,307) $ (30,727)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 619 180
Stock-based compensation 7,848 4,015
Amortization (accretion) of premium (discount) on marketable securities, net (4,970) 1,085
Amortization of right-of-use asset 83 101
Changes in assets and liabilities:    
Prepaid expenses and other assets (2,017) (1,541)
Accounts payable (472) (1,467)
Accrued compensation (907) (773)
Accrued other expenses and other liabilities 947 243
Lease liability 116 67
Net cash used in operating activities (43,060) (28,817)
Cash flows from investing activities    
Purchases of marketable securities (131,413) (77,707)
Sales of marketable securities 5,146 13,326
Maturities of marketable securities 183,878 96,644
Purchases of property and equipment (5,127) (923)
Net cash provided by investing activities 52,484 31,340
Cash flows from financing activities    
Exercise of stock options 52 328
Payment of deferred offering costs   (254)
Proceeds from Employee Stock Purchase Plan 338 178
Net cash provided by financing activities 390 252
Net change in cash and cash equivalents 9,814 2,775
Cash and cash equivalents at beginning of period 21,993 15,566
Cash and cash equivalents at end of period 31,807 18,341
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use asset obtained in exchange for new operating lease liability, net of tenant improvement receivable 1,118 1,672
Property and equipment purchases included in accounts payable and accrued other expenses 324 $ 451
Deferred offering costs included in accounts payable and accrued other expenses $ 168