Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net loss	$ (164,574)	$ (94,654)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,252	2,706
Non-cash lease expense	76	261
Impairment of long-lived assets	515
Transaction costs allocated to warrants issued in connection with private placement		5,015
Stock-based compensation expense	10,434	11,410
Change in fair value of warrant liabilities	37,275	(43,221)
Net amortization of premiums and discounts on marketable securities	(1,314)	243
Amortization of debt-discount and accretion of deferred debt costs	574	692
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,940	(2,807)
Unbilled receivable	1,694	1,285
Other long-term assets	3,756	(2,407)
Accounts payable	5,133	2,766
Accrued expenses	(2,179)	2,345
Deferred revenue	(4,330)	(5,851)
Operating lease liabilities	(959)	(848)
Net cash used in operating activities	(109,707)	(123,065)
Investing activities
Purchases of property and equipment	(272)	(1,241)
Proceeds from the disposition of property and equipment	1,560
Purchases of marketable securities	(50,968)
Maturities of marketable securities	87,017	68,426
Net cash provided by (used in) investing activities	37,337	67,185
Financing activities
Payments on financing lease obligations	(65)	(291)
Proceeds from the issuance of common stock through employee stock purchase plan	257	217
Proceeds from the issuance of common stock through exercise of stock options		1
Payment to creditor related to debt modification		(300)
Proceeds from issuance of common stock through at-the-market sales agreement, net of issuance costs	1,357
Proceeds from issuance of common stock and pre-funded warrants in an underwritten registered direct offering, net of issuance costs	41,913
Cash and cash equivalents acquired in connection with merger,net of issuance costs paid		11,762
Proceeds from issuance of common stock and accompanying warrants and pre-funded warrants in private placement, net of issuance costs		119,761
Redemption of fractional shares due to the reverse stock split		(81)
Payment of issuance costs related to out of period offering		(24)
Net cash provided by financing activities	43,462	131,045
Net (decrease) increase in cash, cash equivalents and restricted cash	(28,908)	75,165
Cash, cash equivalents and restricted cash, Beginning of year	170,553	95,388
Cash, cash equivalents and restricted cash, End of year	141,645	170,553
Supplemental disclosure of cash flow information:
Cash paid for interest	4,552	3,408
Non-cash investing and financing activities:
Offering costs incurred but unpaid as of year end	$ 138	$ 10