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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net loss $ (41,383) $ (37,254)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 2,313 1,317
Stock-based compensation expense 1,832 750
Depreciation expense 1,447 1,726
Net amortization of premiums and discounts on marketable securities (171) (79)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,392) (99)
Accounts payable (507) 347
Accrued expenses and other current liabilities (4,049) (221)
Operating lease liabilities 5,254 (904)
Other non-current assets 172 13
Net cash used in operating activities (36,484) (34,404)
Investing Activities:    
Purchases of marketable securities (96,432) 0
Proceeds from maturities of marketable securities 0 18,000
Purchases of property and equipment (11,572) (5,935)
Net cash (used in) provided by investing activities (108,004) 12,065
Financing Activities:    
Proceeds from PIPE financing, net of issuance costs 67,384 0
Proceeds from exercises of stock options 311 133
Other financing activities, net 0 (226)
Net cash provided by financing activities 67,695 45,365
Net (decrease) increase in cash, cash equivalents and restricted cash (76,793) 23,026
Cash, cash equivalents and restricted cash, beginning of period 173,119 41,477
Cash, cash equivalents and restricted cash, end of period 96,326 64,503
Non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued expenses 914 101
Financing costs in accounts payable and accrued expenses 48 815
Operating lease liabilities arising from right-of-use assets 0 26,777
Supplemental cash flow information:    
Cash paid for income taxes 47 27
Cash paid for operating lease liabilities 1,624 1,491
Series B-2 Preferred Stock [Member]    
Financing Activities:    
Proceeds from Series B-2 convertible preferred stock, net of issuance costs $ 0 $ 45,458