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 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (83,278) $ (46,789)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 14,054 8,292  
Depreciation 1,243 1,090  
Non-cash lease expense 4,842 1,410  
Accretion of lease liabilities 732 288  
Amortization of discount on investments (1,430) (839)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 738 500  
Other assets (773) (420)  
Accounts payable (1,692) 1,157  
Accrued and other current liabilities 4,521 (81)  
Lease liabilities (4,057) (1,709)  
Net cash used in operating activities (65,100) (37,101)  
Cash flows from investing activities:      
Purchases of property and equipment (1,835) (502)  
Purchases of investments 0 (48,085)  
Proceeds from maturities of investments 37,000 25,000  
Net cash provided by (used in) investing activities 35,165 (23,587)  
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net of issuance costs 5,746 93,463  
Proceeds from issuance of common stock in connection with the exercise of stock options 1,430 1,087  
Proceeds from issuance of common stock under employee stock purchase plan 129 32  
Net cash provided by financing activities 7,305 94,582  
Net (decrease) increase in cash and cash equivalents (22,630) 33,894  
Cash and cash equivalents—beginning of period 193,238 81,607 $ 81,607
Cash and cash equivalents—end of period 170,608 115,501 $ 193,238
Supplemental disclosures of non-cash investing and financing activities:      
Property and equipment purchases included in accounts payable and accrued expenses 383 0  
Right-of-use assets obtained in exchange for lease obligations $ 13,532 $ 554