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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net loss $ (28,335) $ (19,522) $ (46,355) $ (35,841)
Adjustments to reconcile net loss to cash used in operating activities:        
Depreciation     746 481
Stock-based compensation expense     4,884 3,185
Amortization and interest accretion related to operating lease     1,874 (117)
Amortization of premium and discounts on marketable securities, net     (1,692)  
Other non-cash adjustments     20  
Changes in operating assets and liabilities:        
Prepaids and other current and non-current assets     (1,201) 817
Accounts payable     6,590 302
Accrued expenses and other non-current liabilities     (2,263) (451)
Operating lease liabilities, current and non-current     (1,488) (1,265)
Net cash used in operating activities     (38,885) (32,889)
Cash flows from investing activities:        
Purchases of property and equipment     (84) (2,190)
Purchases of marketable securities     (93,952)  
Maturities of marketable securities     30,000  
Net cash used in investing activities     (64,036) (2,190)
Cash flows from financing activities:        
Issuance of common stock upon initial public offering, net of underwriters' fees     76,878  
Payment of offering costs     (431) 104
Issuance of common stock from At-the-Market Sales Agreement, net of underwriters' fees     9,900  
Proceeds from employee equity plans     1,947 215
Net cash provided by financing activities     88,294 111
Effect of exchange rate changes on cash     (62) 318
Net decrease in cash, cash equivalents and restricted cash     (14,689) (34,650)
Cash, cash equivalents and restricted cash at beginning of period     82,322 183,225
Cash, cash equivalents and restricted cash at end of period 67,633 148,575 67,633 148,575
Components of cash, cash equivalents and restricted cash        
Cash and cash equivalents 66,085 147,027 66,085 147,027
Restricted Cash 1,548 1,548 1,548 1,548
Total cash, cash equivalents and restricted cash at end of period $ 67,633 $ 148,575 67,633 148,575
Supplemental noncash investing and financing activities        
Property and equipment included in accounts payable and accrued expenses     155 208
Deferred offering costs in accounts payable and accrued expenses     62 $ 42
Cash paid for taxes     $ 71