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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (33,442) $ (17,080)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,907 4,038
Depreciation expense 918 859
Non-cash interest expense 410 92
Non-cash lease expense 541 675
Loss on extinguishment of debt 553 0
Change in fair value of derivative liabilities (1,609) (1,030)
Amortization of debt issuance costs 0 60
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (474) 863
Other receivables 805 1
Other non-current assets 329 0
Accounts payable, accrued expenses and other liabilities 15 (3,017)
Deferred revenue (1,340) (5,271)
Operating lease liability (1,087) (1,009)
Net cash used in operating activities (29,474) (20,819)
Investing activities:    
Purchases of property and equipment (128) (350)
Net cash used in investing activities (128) (350)
Financing activities:    
Proceeds from at the market offering of common stock, net of issuance costs 21,124 9,265
Proceeds from drawdown of term loans 30,000 40,000
Payment of debt issuance costs (673) 0
Repayment of term loan (40,000) 0
Proceeds from issuances under Employee Stock Purchase Plan 76 45
Proceeds from stock option exercises 12 5
Net cash provided by financing activities 10,539 49,315
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents (19,063) 28,146
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 155,577 130,529
Cash, cash equivalents and restricted cash and cash equivalents—end of period 136,514 158,675
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets    
Cash and cash equivalents 135,303 137,452
Prepaid expenses and other current assets 0 208
Restricted cash and cash equivalents, net of current portion 1,211 21,015
Cash, cash equivalents and restricted cash and cash equivalents 136,514 158,675
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,788 742
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued expenses 0 13
Issuance costs in accounts payable and accrued expenses 69 15
Fair value of derivative liability issued with term loan $ 4,450 $ 0