Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (67,675) $ (52,975)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 11,343 6,897
Depreciation 1,426 1,178
Non-cash lease expense 2,070 2,506
Accretion of lease liabilities 408 685
Gain on derecognition of embedded lease upon lease amendment 0 (149)
Amortization of discount on investments (1,222) (223)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (954) 32
Other assets (1,144) (208)
Accounts payable 1,675 (28)
Accrued and other current liabilities 2,980 (1,185)
Lease liabilities (2,456) (2,910)
Net cash used in operating activities (53,549) (46,380)
Cash flows from investing activities:    
Purchases of property and equipment (687) (2,453)
Purchases of investments (84,264) (49,764)
Proceeds from maturities of investments 62,500 25,000
Net cash used in investing activities (22,451) (27,217)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 185,202 32,855
Proceeds from issuance of common stock in connection with the exercise of stock options 2,321 51
Proceeds from the issuance of common stock under employee stock purchase plan 108 76
Net cash provided by financing activities 187,631 32,982
Net increase (decrease) in cash and cash equivalents 111,631 (40,615)
Cash and cash equivalents—beginning of year 81,607 122,222
Cash and cash equivalents—end of year 193,238 81,607
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment purchases included in accounts payable 702 0
Right-of use assets obtained in exchange for lease obligations 2,048 13,740
Derecognition of embedded lease upon lease amendment 0 (6,392)
Offering costs included in accounts payable $ 0 $ 293