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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (29,281) $ (14,654)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,834 2,128
Lease expense (60) (43)
Depreciation expense 88 80
Amortization of premium on marketable securities (755) (583)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 3,891 (272)
Accounts payable (150) 290
Accrued expenses (2,121) 2,662
Other assets 14 (19)
Net cash used in operating activities: (26,540) (10,411)
Cash flows from investing activities:    
Purchases of property and equipment (49)  
Purchases of marketable securities (52,503) (84,864)
Maturities and sales of marketable securities 67,000 16,500
Net cash provided by (used in) investing activities 14,448 (68,364)
Cash flows from financing activities:    
Proceeds from issuance of equity securities, net of issuance costs   162,151
Net cash provided by financing activities   162,151
Net increase in cash, cash equivalents and restricted cash (12,092) 83,376
Cash, cash equivalents and restricted cash at beginning of period 33,824 28,088
Cash, cash equivalents and restricted cash at end of period 21,732 111,464
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 13  
Offering costs included in accounts payable and accrued expense $ 50 $ 395