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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows used in operating activities:        
Net loss $ (44,907) $ (65,760) $ (68,538) $ (76,532)
Adjustments to reconcile net loss to net cash used in operating activities:        
Gain on lease termination     (10)  
Amortization of operating lease asset     192 186
Accretion on investment discounts     (951) (97)
Stock-based compensation 3,063 1,720 4,757 3,101
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds 31,274 56,181 44,610 56,181
Changes in operating assets and liabilities:        
Prepaid expenses and other assets     1,347 791
Accounts payable, accrued expenses and other liabilities     2,244 (1,603)
Operating lease liabilities     (166) (172)
Net cash used in operating activities     (16,515) (18,145)
Cash flows from investing activities:        
Purchase of available-for-sale short-term investments     (49,230) (30,334)
Proceeds from maturities of available-for-sale short-term investments     39,100  
Net cash used in investing activities     (10,130) (30,334)
Cash flows from financing activities:        
Proceeds from issuances of common stock and pre-funded warrants, net     48,072 33,017
Net cash provided by financing activities     48,072 33,017
Net change in cash and cash equivalents     21,427 (15,462)
Cash and cash equivalents at beginning of period     4,612 56,409
Cash and cash equivalents at end of period $ 26,039 $ 40,947 26,039 40,947
Noncash activities:        
Common stock exchanged for X and X1 non-voting convertible preferred stock       $ 1
Increase in operating lease asset and liability due to new lease     $ 448