v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Consolidated net loss $ (50,397) $ (45,343) $ (33,777)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 592 232 475
Stock-based compensation 2,600 2,154 1,614
(Accretion) amortization of (discount) premium of available-for-sale investment securities (3,171) 533 366
Amortization of right-of-use assets 2,149 1,463 829
(Gain) loss on disposal of property and equipment (6) (92) 6
Changes in operating assets and liabilities:      
Other receivables 9,054 (11,923) 1,604
Prepaid expenses and other assets 622 2,238 (3,378)
Accounts payable and accrued expenses 3,262 6,741 47
Operating lease liability 2,074 2,111 (861)
Net cash used in operating activities (33,221) (41,886) (33,075)
Cash flows from investing activities:      
Purchases of property and equipment (4,215) (1,641) (192)
Purchases of available-for-sale investment securities (106,977) (42,118) (126,506)
Maturities of available-for-sale investment securities 91,050 90,825 35,082
Proceeds from sale of property and equipment 15 179 50
Net cash (used in) provided by investing activities (20,127) 47,245 (91,566)
Cash flows from financing activities:      
Proceeds from issuance of common stock through option exercises 0 1 62
Proceeds from issuance of common stock through employee stock purchase plan 105 44 11
Proceeds from issuance of common stock from at-the-market offerings, net of offering costs 18,446 5,472 14,070
Proceeds from issuance of common stock from committed purchase agreement, net of offering costs 0 0 15,236
Proceeds from issuance of common stock from underwritten follow-on public offering, net of offering costs 48,073 0 80,646
Principal paid on finance lease liabilities (394) (66) 0
Net cash provided by financing activities 66,230 5,451 110,025
Net change in cash, cash equivalents and restricted cash 12,882 10,810 (14,616)
Cash, cash equivalents and restricted cash at beginning of period 13,146 2,336 16,952
Cash, cash equivalents and restricted cash at end of period 26,028 13,146 2,336
Cash and cash equivalents at the end of period 22,544 9,981 2,336
Restricted cash at the end of period 3,484 3,165 0
Cash, cash equivalents and restricted cash at the end of period 26,028 13,146 2,336
Supplemental disclosure of cash flow information:      
Interest paid 172 54 0
Purchases of property and equipment in accounts payable 51 1,194 0
Right-of-use assets obtained in exchange for lease obligation $ 1,854 $ 8,695 $ 0