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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (64,909) $ (46,336)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,021 3,734
Non cash operating lease expense 101 79
Accretion and amortization of marketable securities, net (3,056) (1,531)
Depreciation expense 188 186
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (692) (1,319)
Accounts payable (1,595) 3,282
Accrued expenses 2,343 3,374
Operating lease right-of-use asset (501) 0
Operating lease liability 452 (113)
Net cash used in operating activities (61,648) (38,644)
Cash flows from investing activities:    
Purchases of property and equipment (1,136) (782)
Purchases of marketable securities (152,718) (151,968)
Maturities of marketable securities 191,622 59,500
Call redemptions of marketable securities 8,500 0
Net cash provided by (used in) investing activities 46,268 (93,250)
Cash flows from financing activities:    
Proceeds from public offering, net of underwriting discounts and commissions 187,948 0
Aggregate gross proceeds from underwritten public offering 0 174,542
Proceeds from exercise of stock options 1,460 208
Payments related to offering costs (254) (3,735)
Proceeds from the issuance of Series C Convertible Preferred Stock   63,500
Preferred stock issuance costs 0 (279)
Net cash provided by financing activities 189,154 234,236
Net increase in cash and cash equivalents 173,774 102,342
Cash and cash equivalents, beginning of period 49,351 30,523
Cash and cash equivalents, end of period 223,125 132,865
Supplemental disclosure of non-cash investing and financing activities:    
Vesting of early exercised stock options 34 206
Property and equipment in accounts payable and accrued liabilities 5 16
Conversion of convertible preferred stock to common stock upon initial public offering 0 215,578
Deferred public offering costs included in accounts payable and accrued expenses 304 $ 329
Series C Convertible Preferred Stock [Member]    
Cash flows from financing activities:    
Proceeds from the issuance of Series C Convertible Preferred Stock $ 0