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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (45,609) $ (34,954)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,137 1,105
Stock-based compensation expense 2,374 827
Non-cash lease expense 903 830
Change in fair value of SAFE liabilities 3,610 0
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (1,080) 91
Other non-current assets (160) (7)
Accounts payable 16 4,019
Accrued expenses and other current liabilities (2,451) (239)
Operating lease liabilities (999) (640)
Other non-current liabilities 0 (56)
Net cash used in operating activities (42,259) (29,024)
Cash flows from investing activities:    
Purchase of property, equipment and improvements (153) (229)
Net cash used in investing activities (153) (229)
Cash flows from financing activities:    
Proceeds from the Subscription Agreement, net of offering costs of $2,000 94,600 0
Cash acquired in connection with the Merger 85,230 0
Payment for Merger transaction costs (7,412) 0
Proceeds from exercise of common stock options 725 1
Repayment of finance lease obligations (360) (384)
Net cash provided by (used in) financing activities 172,783 (383)
Effect of exchange rate changes on cash and cash equivalents (45) 0
Net increase (decrease) in cash and cash equivalents and restricted cash 130,326 (29,636)
Cash and cash equivalents and restricted cash as of beginning of period 29,356 36,553
Cash and cash equivalents and restricted cash as of end of period 159,682 6,917
Components of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 159,095 6,330
Restricted cash 587 587
Total cash, cash equivalents and restricted cash 159,682 6,917
Supplemental disclosure of non-cash financing activities:    
Merger transaction costs included in accounts payable and accrued expenses 2,524 0
Conversion of SAFEs to Common Stock 34,125 0
Conversion of Convertible Preferred Stock to Common Stock 80,627 0
Purchase of equipment through the end of the finance leases   234
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 59 $ 118