XML 17 R8.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (17,636) $ (17,715)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation 157 159
Stock-based compensation 3,924 3,539
Amortization of premiums on investment securities, net (147) (1,060)
Non-cash lease expense 69 (4)
Change in operating assets and liabilities:    
Prepaid expense and other assets (287) (1,407)
Accounts payable and other liabilities (2,511) (301)
Net cash used in operating activities (16,431) (16,789)
Cash flows from investing activities    
Purchases of investment securities (52,589) (86,548)
Proceeds from maturities of investment securities 45,000 94,490
Purchases of property and equipment 0 (72)
Net cash (used in) provided by investing activities (7,589) 7,870
Cash flows from financing activities    
Proceeds from the issuance of common stock in at-the-market offering, net of issuance costs 19,907 0
Proceeds from the exercise of stock options 27 23
Net cash provided by financing activities 19,934 23
Net (decrease) increase in cash and cash equivalents (4,086) (8,896)
Cash and cash equivalents at beginning of period 16,856 22,563
Cash and cash equivalents at end of period 12,770 13,667
Supplemental disclosures    
Increase in right-of-use-asset and operating lease liability related to lease amendment 1,295 0
Purchases of property and equipment included in accounts payable and accrued expenses $ 0 $ 54