XML 24 R7.htm IDEA: XBRL DOCUMENT v3.23.1
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net Loss $ (40,956) $ (21,543)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,391 974
Non-cash operating lease expense 77  
Net amortization (accretion) of premium (discount) on investments (692) 53
Changes in operating assets and liabilities:    
Increase in prepaid expenses and other current assets (958) (1,387)
Increase in other assets (720)  
Increase in accounts payable 2,497 417
Increase in accrued compensation 1,252 490
Increase in accrued liabilities 1,724 512
Decrease in operating lease liabilities (77)  
Net cash used in operating activities (33,462) (20,484)
Cash flows from investing activities:    
Purchases of investments (93,836) (77,274)
Maturities of investments 72,065 27,250
Net cash used in investing activities (21,771) (50,024)
Cash flows from financing activities:    
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses 70,366  
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs   79,734
Payments of issuance costs for initial public offering   (1,210)
Proceeds from exercise of stock options   11
Repurchase of early exercised stock options (11)  
Net cash provided by financing activities 70,355 78,535
Net increase in cash 15,122 8,027
Cash at beginning of period 12,097 4,070
Cash at end of period 27,219 12,097
Supplemental disclosure of noncash financing items:    
Conversion of redeemable convertible preferred stock into common stock 111,139  
Accretion to redemption value and cumulative dividends on preferred stock $ 1,820 6,515
Issuance costs for initial public offering included in accounts payable and accrued liabilities   $ 514