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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (13,748) $ (7,089)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 22 14
Stock-based compensation expense 2,035 533
Accretion of discount on short-term investments (518) (358)
Amortization of right-of-use operating lease assets 85 67
Changes in operating assets and liabilities:    
Receivable from related party (141) 789
Unbilled receivable from related party (257) 377
Prepaid expenses and other current assets 241 116
Other assets 343 5
Accounts payable, accrued expenses and operating lease liabilities (2,986) (4,729)
Deferred revenue - related party (17) (9)
Net cash used in operating activities (14,941) (10,284)
Cash flows from investing activities:    
Capital expenditures (32) (14)
Purchases of short-term investments (20,475) (3,855)
Proceeds from maturities of short-term investments 15,000 22,000
Net cash (used in)/provided by investing activities (5,507) 18,131
Cash flows from financing activities:    
Proceeds from exercise of stock options 271 0
Proceeds from the private placement 229,998 0
Payment of issuance costs in connection with the private placement (12,422) 0
Proceeds from issuance of promissory notes payable to related party 0 377
Repayment of promissory notes payable to related party 0 (377)
Net cash provided by financing activities 217,847 0
Increase in cash, cash equivalents and restricted cash 197,399 7,847
Cash, cash equivalents and restricted cash, beginning of period 132,391 15,425
Cash, cash equivalents and restricted cash, end of period 329,790 23,272
Supplemental Disclosure    
Cash and cash equivalents 329,724 23,212
Restricted cash 66 60
Total cash, cash equivalents and restricted cash 329,790 23,272
Cash paid for interest 0 0
Cash paid for taxes 0 0
Issuance costs in connection with the private placement included in accounts payable 30 0
Issuance costs in connection with the private placement included in accrued expenses $ 2,213 $ 0