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
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (46,789) $ (37,283)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,292 5,319
Depreciation 1,090 820
Non-cash lease expense 1,410 0
Accretion of lease liabilities 288 0
Amortization of discount on investments (839) (177)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 500 39
Other assets (420) (332)
Accounts payable 1,157 (1,055)
Accrued and other current liabilities (81) (1,580)
Lease liabilities (1,709) 0
Net cash used in operating activities (37,101) (34,249)
Cash flows from investing activities:    
Purchases of property and equipment (502) (2,137)
Purchases of investments (48,085) (49,764)
Proceeds from maturities of investments 25,000 25,000
Net cash used in investing activities (23,587) (26,901)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of issuance costs 93,463 0
Proceeds from issuance of common stock in connection with the exercise of stock options 1,087 51
Proceeds from issuance of common stock under employee stock purchase plan 32 40
Net cash provided by financing activities 94,582 91
Net increase (decrease) in cash and cash equivalents 33,894 (61,059)
Cash and cash equivalents—beginning of period 81,607 122,222
Cash and cash equivalents—end of period 115,501 61,163
Supplemental disclosures of non-cash investing and financing activities:    
Right-of use assets obtained in exchange for lease obligations 554 0
Property and equipment purchases included in accounts payable $ 0 $ 191