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
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (30,341) $ (25,856)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 5,283 3,588
Depreciation 735 457
Non-cash lease expense 915 0
Accretion of lease liabilities 198 0
Amortization of discount on investments (186) (122)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,043 380
Other assets (120) (608)
Accounts payable (145) (162)
Accrued and other current liabilities (740) (2,012)
Lease liabilities (1,139) 0
Net cash used in operating activities (24,497) (24,335)
Cash flows from investing activities:    
Purchases of property and equipment (437) (1,045)
Purchases of investments (48,085) (49,764)
Proceeds from maturities of investments 25,000 0
Net cash used in investing activities (23,522) (50,809)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of issuance costs 93,604 0
Proceeds from issuance of common stock in connection with the exercise of stock options 848 51
Proceeds from issuance of common stock under employee stock purchase plan 32 40
Net cash provided by financing activities 94,484 91
Net increase (decrease) in cash and cash equivalents 46,465 (75,053)
Cash and cash equivalents—beginning of period 81,607 122,222
Cash and cash equivalents—end of period 128,072 47,169
Supplemental disclosures of non-cash investing and financing activities:    
Issuance costs included in accrued expenses 142 0
Property and equipment purchases included in accounts payable $ 23 $ 416