diff --git a/lib/livebook/runtime/erl_dist/runtime_server.ex b/lib/livebook/runtime/erl_dist/runtime_server.ex
index cb9a7c732..0412446d4 100644
--- a/lib/livebook/runtime/erl_dist/runtime_server.ex
+++ b/lib/livebook/runtime/erl_dist/runtime_server.ex
@@ -809,9 +809,6 @@ defmodule Livebook.Runtime.ErlDist.RuntimeServer do
     end
   end
 
-  # TODO: remove once CI runs Elixir v1.16.2
-  @compile {:no_warn_undefined, {Mix, :install_project_dir, 0}}
-
   defp install_project_dir() do
     # TODO: remove the check once we require Elixir v1.16.2
     if Code.ensure_loaded?(Mix) && function_exported?(Mix, :install_project_dir, 0) do
diff --git a/versions b/versions
index 372e5ebc8..85636a04c 100644
--- a/versions
+++ b/versions
@@ -1,6 +1,6 @@
-elixir="1.16.0"
-otp="26.2.1"
+elixir="1.16.2"
+otp="26.2.3"
 openssl="1.1.1s"
 rebar3="3.22.0"
-debian="bookworm-20231009-slim"
+debian="bookworm-20240130-slim"
 ubuntu="focal-20231003"