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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net loss $ (54,356) $ (25,176)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 537 538
Accretion of discount on available-for-sale securities (1,850) (1,137)
Stock-based compensation 5,078 4,660
Reduction in the carrying amount of right-of-use assets 359 308
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (22) (1,629)
Other non-current assets (2,032) (361)
Accounts payable (31) (1,531)
Accrued and other current liabilities 2,926 (3,369)
Operating lease liabilities (664) (570)
Net cash used in operating activities (50,055) (28,267)
Investing activities:    
Purchases of property and equipment (74)  
Purchases of available-for-sale securities (61,806) (100,302)
Proceeds from maturities of available-for-sale securities 159,500 23,000
Net cash provided by (used in) investing activities 97,620 (77,302)
Financing activities:    
Proceeds from the exercise of common stock options 62 198
Proceeds from the issuance of common stock   33,131
Payment of financing costs (3) (917)
Net cash provided by financing activities 59 32,412
Increase (decrease) in cash, cash equivalents and restricted cash 47,624 (73,157)
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (12)
Cash, cash equivalents and restricted cash    
Beginning of period 50,530 226,142
End of period 98,154 152,973
Supplemental disclosure of cash flow information:    
Cash paid for amounts included in the measurement of lease liability 1,259 1,216
Non-cash investing and financing activities:    
Deferred offering costs included in accounts payable and accrued liabilities 30 $ 117
Deferred offering costs included in other non-current assets 81  
Purchases of property and equipment included in accounts payable and accrued liabilities $ 15