Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (25,047) $ (15,854)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 3,791 2,480  
Depreciation 393 365  
Non-cash lease expense 1,428 452  
Accretion of lease liabilities 194 104  
Amortization of discount on investments (617) (13)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (394) 398  
Other assets (659) (16)  
Accounts payable 1,655 1,724  
Accrued and other current liabilities (3,480) (1,678)  
Lease liabilities (1,252) (570)  
Net cash used in operating activities (23,988) (12,608)  
Cash flows from investing activities:      
Purchases of property and equipment (812) (380)  
Purchases of investments 0 0  
Proceeds from maturities of investments 0 25,000  
Net cash (used in) provided by investing activities (812) 24,620  
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net of issuance costs 5,746 (232)  
Proceeds from issuance of common stock in connection with the exercise of stock options 1,109 458  
Net cash provided by financing activities 6,855 226  
Net (decrease) increase in cash and cash equivalents (17,945) 12,238  
Cash and cash equivalents—beginning of period 193,238 81,607 $ 81,607
Cash and cash equivalents—end of period 175,293 93,845 $ 193,238
Supplemental disclosures of non-cash investing and financing activities:      
Property and equipment purchases included in accounts payable and accrued expenses 662 0  
Right-of-use assets obtained in exchange for lease obligations 4,210 0  
Offering costs included in accounts payable $ 0 $ 60