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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (9,574) $ (5,037)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount on convertible notes 0 159
Change in carrying value of right-of-use asset 12 139
Stock-based compensation expense 1,746 624
Loss on debt extinguishment 0 2,262
Changes in operating assets and liabilities, net:    
Accrued interest on marketable debt securities (117) 0
Prepaid expenses, other current assets, and other assets 157 (21)
Accounts payable, accrued expenses and other liabilities (804) 734
Net cash used in operating activities (8,580) (1,140)
Cash flows from investing activities:    
Purchase of marketable debt securities (3,056) 0
Redemption of marketable debt securities 6,310 0
Net cash provided by investing activities 3,254 0
Cash flows from financing activities:    
Proceeds from issuance of convertible note 0 243
Issuance costs related to Initial Public Offering and overallotment 0 (279)
Proceeds from exercise of warrants and options 11 0
Net cash provided by (used in) financing activities 11 (36)
Net decrease in cash and cash equivalents (5,315) (1,176)
Cash and cash equivalents at beginning of period 3,241 136
Cash and cash equivalents at end of period 8,556 1,312
Supplemental disclosure of non-cash financing activities:    
Subscription receivable from proceeds related to the sale of 3.9 million shares of common stock on June 29, 2023, net of expenses 0 17,765
Conversion of convertible notes and accrued interest into common stock 0 4,737
Warrants issued in relation to issuance of convertible notes 0 159
Warrants issued to underwriter in connection with stock issuance 0 1,017
Preferred stock deemed dividend $ 0 $ 1,324

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