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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:        
Net loss     $ (26,670) $ (13,040)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation $ 100 $ 100 254 123
Stock-based compensation expense     5,332 273
Non-cash lease expense     386 359
Net amortization of premiums and accretion of discounts on investments     (1,901)  
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     2,016 (2,496)
Accounts payable     363 449
Accrued expenses and other liabilities     111 410
Operating lease liabilities     (360) (320)
Net cash used in operating activities     (20,469) (14,242)
Cash flows from investing activities:        
Purchases of short-term and long-term investments     (16,963)  
Proceeds from maturities of short-term investments     45,765  
Purchases of property and equipment     (137) (1,489)
Net cash provided by (used in) investing activities     28,665 (1,489)
Cash flows from financing activities:        
Proceeds from exercise of stock options     379  
Payments of deferred offering costs       (11)
Net cash provided by (used in) financing activities     379 (11)
Net increase (decrease) in cash, cash equivalents, and restricted cash     8,575 (15,742)
Cash, cash equivalents and restricted cash at beginning of period     29,907 99,991
Cash, cash equivalents and restricted cash at end of period 38,482 84,249 38,482 84,249
Supplemental disclosure of non-cash investing and financing activities:        
Purchases of property and equipment included in accounts payable and accrued expenses       424
Deferred offering costs in accounts payable and accrued expenses       213
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 38,074 83,861 38,074 83,861
Restricted cash 408 388 408 388
Total cash, cash equivalents, and restricted cash $ 38,482 $ 84,249 $ 38,482 $ 84,249