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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows used in operating activities:    
Net income (loss) $ (31,827) $ (30,199)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 3,221 4,640
Operating lease right-of-use asset 750 711
Depreciation 250 234
Amortization of premium (Accretion of discount) on marketable debt securities (406) (331)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (458) (1,919)
Other assets 304 (2,297)
Accounts payable (139) 918
Accrued expenses and other current liabilities 2,536 68
Operating lease liabilities (731) (682)
Net cash provided by (used in) operating activities (26,500) (28,857)
Cash flows from investing activities:    
Purchase of marketable debt securities (29,382) (12,186)
Proceeds from maturity and redemption of marketable debt securities 26,100 50,820
Purchase of property and equipment (63) (45)
Net cash provided by (used in) investing activities (3,345) 38,589
Cash flows from financing activities:    
Proceeds from private placement, net of offering costs of $3,034 41,964
Proceeds from exercise of stock options 135
Taxes paid related to net share settlement of restricted stock units (83) (91)
Net cash provided by (used in) financing activities 42,016 (91)
Net increase (decrease) in cash and cash equivalents and restricted cash 12,171 9,641
Cash and cash equivalents and restricted cash - beginning of year 40,331 24,872
Cash and cash equivalents and restricted cash - end of period 52,502 34,513
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 51,757 33,768
Restricted cash, non-current 745 745
Cash and cash equivalents and restricted cash $ 52,502 $ 34,513