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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows used in operating activities      
Net Loss $ (43,799) $ (47,834)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 6,558 6,180  
Non-cash operating lease expense   53  
Net accretion of discount on investments (2,712) (1,549)  
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (8) (405)  
Accounts payable (965) 2,660  
Accrued compensation (1,908) 28  
Accrued liabilities (1,760) 3,727  
Operating lease liabilities   (53)  
Other current liabilities 610 973  
Net cash used in operating activities (43,984) (36,220)  
Cash flows from investing activities      
Purchases of investments (22,371) (112,348)  
Maturities of investments 83,840 68,650  
Net cash provided by (used in) investing activities 61,469 (43,698)  
Cash flows from financing activities      
Proceeds from issuance of common stock from the Underwritten Offering, net of commissions and offering expenses   65,800  
Proceeds from issuance of common stock from the "at-the-market" offering, net of commissions and offering expenses   19,050  
Proceeds from issuance of common stock under the ESPP 147 366  
Proceeds from exercise of stock options 225 99  
Net cash provided by financing activities 372 85,315  
Net increase in cash and cash equivalents 17,857 5,397  
Cash and cash equivalents at the beginning of the period 15,647 27,219 $ 27,219
Cash and cash equivalents at the end of the period $ 33,504 32,616 $ 15,647
Supplemental disclosure of noncash financing items      
Deferred offering costs included in accounts payable and accrued liabilities   $ 321