XML 15 R8.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited)
3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Cash flows from operating activities:    
Net loss $ (24,063,000) $ (22,669,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 244,000 152,000
Net (accretion) and amortization of investments in marketable securities (436,000) (978,000)
Change in fair value of preferred stock tranche right liability   7,390,000
Non-cash lease expense 411,000 156,000
Stock-based compensation expense 4,040,000 1,491,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (825,000) (2,070,000)
Other assets (51,000) 27,000
Accounts payable 185,000 (1,134,000)
Accrued expenses and other current liabilities 331,000 181,000
Operating lease liabilities (73,000) (161,000)
Net cash used in operating activities (20,237,000) (17,615,000)
Cash flows from investing activities    
Purchases of short-term investments (43,235,000) (44,801,000)
Maturities of short-term investments 64,557,000 3,947,000
Purchases of property and equipment (291,000) (1,072,000)
Net cash provided by (used in) investing activities 21,031,000 (41,926,000)
Cash flows from financing activities    
Proceeds from exercise of stock options 6,000  
Repurchase of unvested restricted common stock (1,000)  
Payment of deferred offering costs   (283,000)
Net cash provided by financing activities 5,000 63,659,000
Net increase in cash, cash equivalents, and restricted cash 799,000 4,118,000
Cash, cash equivalents, and restricted cash at beginning of period 56,910,000 70,254,000
Cash, cash equivalents, and restricted cash at end of period 57,709,000 74,372,000
Supplemental disclosure for noncash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 6,439,000  
Deferred offering costs included in accounts payable and accrued expenses at period end 0 1,472,000
Purchases of property and equipment included in accounts payable and accrued expenses at period end   847,000
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 57,604,000 74,267,000
Restricted cash 105,000 105,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 57,709,000 74,372,000
Series B Convertible Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of convertible preferred stock, net of issuance costs paid   63,942,000
Series B Preferred Stock    
Supplemental disclosure for noncash investing and financing activities:    
Settlement of preferred stock tranche right liability   $ 11,590,000