v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (43,555) $ (28,476)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 67 30
Stock-based compensation expense 2,900 1,518
Accretion of discount on short-term investments (1,423) (606)
Amortization of right-of-use operating lease assets 288 117
Changes in operating assets and liabilities:    
Receivable from related party 4,406 (4,231)
Unbilled receivable from related party 754 69
Prepaid expenses and other current assets 123 (631)
Other assets (1,027) (31)
Accounts payable, accrued expenses and lease liabilities 661 2,280
Deferred revenue—related party (55) 891
Net cash used in operating activities (36,861) (29,070)
Cash flows from investing activities:    
Capital expenditures (110) (139)
Purchases of short-term investments (57,422) (61,680)
Proceeds from maturities of short-term investments 77,785 2,000
Net cash provided by/(used in) investing activities 20,253 (59,819)
Cash flows from financing activities:    
Proceeds from exercise of stock options 5 0
Proceeds from the pre-closing financing 72,000 0
Payment of issuance costs in connection with the pre-closing financing (4,250) 0
Cash acquired in connection with the reverse recapitalization 69,738 0
Payment of reverse recapitalization transaction costs (3,919) 0
Proceeds from issuance of promissory notes payable to related party 377 0
Repayment of promissory notes payable to related party (377) 0
Proceeds from issuance of Series A convertible preferred stock 0 100,000
Payment of issuance costs for Series A convertible preferred stock 0 (3,324)
Net cash provided by financing activities 133,574 96,676
Increase in cash, cash equivalents and restricted cash 116,966 7,787
Cash, cash equivalents and restricted cash, beginning of period 15,425 7,638
Cash, cash equivalents and restricted cash, end of period 132,391 15,425
Supplemental Disclosure    
Cash and cash equivalents 132,325 15,365
Restricted cash 66 60
Total cash, cash equivalents and restricted cash 132,391 15,425
Cash paid for interest 0 0
Cash paid for taxes 0 0
Conversion of convertible preferred stock into common stock 118,024 0
Additions to right-of-use lease assets from new operating lease liabilities $ 89 $ 931