XML 18 R6.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net Income (Loss) $ (33,573) $ (27,800)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 23 33
Loss on disposal of property and equipment 107  
Net amortization of premiums and accretion of discounts on investments (382)  
Stock-based compensation expense 5,386 947
Change in fair value of convertible notes   694
Non-cash lease expense 246 159
Prepaid expenses and other assets (353) 1,787
Accounts payable 2,882 3,407
Accrued expenses (11,165) 335
Operating lease liabilities (222) (164)
Other current liabilities   1,500
Net cash used in operating activities (37,051) (19,102)
Cash flows from investing activities:    
Purchases of property and equipment (18) (22)
Purchases of investments (99,114)  
Proceeds from sales and maturities of investments 12,858  
Net cash used in investing activities (86,274) (22)
Cash flows from financing activities:    
Payment of initial public offering costs   (656)
Proceeds from exercise of stock options 99 42
Net cash provided by (used in) financing activities 99 (614)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (52) 36
Net decrease in cash, cash equivalents and restricted cash (123,278) (19,702)
Cash, cash equivalents and restricted cash at beginning of period 319,832 56,942
Cash, cash equivalents and restricted cash at end of period 196,554 37,240
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained under operating lease arrangements $ 445  
Deferred offering costs in accounts payable and accrued expenses   $ 1,872