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 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (52,649) $ (30,341)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 8,804 5,283  
Depreciation 819 735  
Non-cash lease expense 3,186 915  
Accretion of lease liabilities 393 198  
Amortization of discount on investments (1,169) (186)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 210 1,043  
Other assets (543) (120)  
Accounts payable 317 (145)  
Accrued and other current liabilities (1,925) (740)  
Lease liabilities (2,220) (1,139)  
Net cash used in operating activities (44,777) (24,497)  
Cash flows from investing activities:      
Purchases of property and equipment (1,582) (437)  
Purchases of investments 0 (48,085)  
Proceeds from maturities of investments 24,500 25,000  
Net cash provided by (used in) investing activities 22,918 (23,522)  
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net of issuance costs 5,746 93,604  
Proceeds from issuance of common stock in connection with the exercise of stock options 1,359 848  
Proceeds from issuance of common stock under employee stock purchase plan 129 32  
Net cash provided by financing activities 7,234 94,484  
Net (decrease) increase in cash and cash equivalents (14,625) 46,465  
Cash and cash equivalents—beginning of period 193,238 81,607 $ 81,607
Cash and cash equivalents—end of period 178,613 128,072 $ 193,238
Supplemental disclosures of non-cash investing and financing activities:      
Issuance costs included in accrued expenses 0 142  
Property and equipment purchases included in accounts payable and accrued expenses 375 23  
Right-of-use assets obtained in exchange for lease obligations $ 4,210 $ 0