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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (23,880) $ (12,337)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,839 1,623
Non cash operating lease expense 29 25
Accretion and amortization of marketable securities, net (1,343) (503)
Depreciation expense 77 48
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,648 408
Accounts payable (1,564) 474
Accrued expenses 558 (411)
Operating lease liability (42) (37)
Net cash used in operating activities (22,678) (10,710)
Cash flows from investing activities:    
Purchases of property and equipment (30) (273)
Purchases of marketable securities (58,894) (8,548)
Maturities of marketable securities 57,150 24,250
Call redemptions of marketable securities. 5,000 0
Net cash provided by investing activities 3,226 15,429
Cash flows from financing activities:    
Proceeds from exercise of common stock options 4 189
Payments related to offering costs 0 (6)
Net cash provided by financing activities 4 183
Net (decrease) increase in cash and cash equivalents (19,448) 4,902
Cash and cash equivalents, beginning of period 49,351 30,523
Cash and cash equivalents, end of period 29,903 35,425
Supplemental disclosure of non-cash investing and financing activities:    
Vesting of early exercised stock options 19 114
Property and equipment in accounts payable and accrued liabilities 502 34
Deferred initial public offering costs included in accounts payable and accrued expenses $ 0 $ 1,687