Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (28,433) $ (23,387)  
Share-based compensation expense 3,686 3,610  
Non-cash lease expense 276 112  
Loss from change in fair value of derivative liability 27 26  
Accretion of discounts and amortization of premiums on marketable debt securities, net (1,181)    
Depreciation and amortization expense 20 10  
Changes in operating assets and liabilities:      
Decrease (increase) in prepaid expenses and other assets (494) 783  
Increase in accounts payable 325 1,708  
Increase in accrued liabilities 2,169 2,056  
Net Cash Used in Operating Activities (23,605) (15,082) $ (44,500)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of marketable debt securities (40,156)    
Proceeds from maturities of marketable debt securities 60,522    
Purchase of property and equipment   (153)  
Total Cash Provided by (Used in) Investing Activities 20,366 (153)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Gross proceeds from issuance of common stock for cash in 2022 Private Placement   12,330  
Payment of commissions and other deferred offering costs (293) (759)  
Net Cash Provided by (Used in) Financing Activities (293) 11,571  
Net decrease in cash and cash equivalents (3,532) (3,664)  
Cash and cash equivalents at beginning of period 16,036 150,410 150,410
Cash and cash equivalents at end of period 12,504 146,746 $ 16,036
SUPPLEMENTARY CASH FLOW INFORMATION:      
Cash paid for amounts included in the measurement of operating lease liabilities 361 58  
Operating lease liabilities incurred in exchange for right-of-use assets 352 $ 2,204  
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Payables for deferred offering costs $ 22