XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Unaudited Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (30,140) $ (44,518)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,948 1,420
Stock-based compensation expense 1,682 595
Reduction in the operating right of use assets 4,565 2,683
Amortization of debt discount 0 1,283
Change in fair value of derivative liability 0 84
Accretion on marketable securities 0 (569)
Write-off of property and equipment 67 0
Non-cash interest expense 159 68
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (7,493) (1,210)
Accounts payable (1,900) 659
Accrued expenses 1,580 (1,618)
Deferred revenue (4,504) (1,043)
Operating lease liabilities (4,614) (1,915)
Other liabilities 105 0
Net cash used in operating activities (38,545) (44,081)
Cash flows from investing activities:    
Purchase of marketable securities 0 (34,460)
Proceeds from the sale of marketable securities 0 67,000
Purchases of property and equipment (123) (382)
Net cash (used in) provided by investing activities (123) 32,158
Cash flows from financing activities:    
Cash, cash equivalents and restricted cash acquired in connection with the reverse recapitalization 0 37,903
Payment of reverse recapitalization finance costs 0 (5,202)
Proceeds from the issuance of common stock in pre-closing financing 0 30,640
Payment of principal related to finance lease liabilities (906) (213)
Proceeds from failed sale-leaseback arrangement 686 1,020
Payment of finance liability from failed sale-leaseback arrangement (645) (88)
Proceeds from the exercise of stock options 4 52
Sale of common stock under Open Market Sales Agreement 2,286 0
Net cash provided by financing activities 1,425 64,112
Net (decrease) increase in cash, cash equivalents and restricted cash (37,243) 52,189
Cash, cash equivalents and restricted cash at beginning of the period 77,605 24,194
Cash, cash equivalents and restricted cash at end of the period 40,362 76,383
Supplemental disclosures of cash flow information:    
Cash paid for interest 105 88
Supplemental disclosure of non-cash financing and investing activities:    
Conversion of convertible preferred stock and non-controlling interests upon Merger 0 122,204
Conversion of convertible promissory note, accrued interest and derivative liability upon Merger 0 42,447
Reverse recapitalization costs in accrued expenses 0 611
Unrealized gain on marketable securities 0 306
Deferred financing costs in accounts payable 0 86
Deferred financing costs in accrued expenses 0 60
Reclassification of deferred financing costs to additional paid-in capital 4 0
Right-of-use assets obtained in exchange for new operating lease liabilities 4,337 908
Right-of-use assets obtained in exchange for new financing lease liabilities $ 1,660 $ 0