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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Operating activities:      
Net loss $ (25,176) $ (38,676)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 538 536  
Accretion of discount on available-for-sale securities (1,137) (902)  
Stock-based compensation 4,660 4,607  
Reduction in the carrying amount of right-of-use assets 308 264  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (1,629) 1,070  
Other non-current assets (361) (12)  
Accounts payable (1,531) 3,035  
Accrued liabilities (3,378) (2,771)  
Operating lease liabilities (570) (348)  
Other current liabilities 9 204  
Net cash used in operating activities (28,267) (32,993)  
Investing activities:      
Purchases of property and equipment   (137)  
Purchases of available-for-sale securities (100,302) (31,435)  
Proceeds from maturities of available-for-sale securities 23,000 51,089  
Net cash (used in) provided by investing activities (77,302) 19,517  
Financing activities:      
Proceeds from the exercise of common stock options 198 111  
Proceeds from the issuance of common stock, including related party of zero and $17,995 for the three months ended March 31, 2024 and 2023, respectively 33,131 17,995  
Payment of financing costs (917) (525)  
Net cash provided by financing activities 32,412 17,581  
(Decrease) increase in cash, cash equivalents and restricted cash (73,157) 4,105  
Effect of exchange rate changes on cash, cash equivalents and restricted cash (12) (5)  
Cash, cash equivalents and restricted cash      
Beginning of period 226,142 141,052 $ 141,052
End of period 152,973 145,152 $ 226,142
Supplemental disclosure of cash flow information:      
Cash paid for amounts included in the measurement of lease liability 1,216 1,175  
Non-cash investing and financing activities:      
Deferred offering costs included in accounts payable and accrued liabilities $ 117    
Purchases of property and equipment included in accounts payable and accrued liabilities   $ 5