v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (35,478) $ (31,476)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 39 9
Accretion of discount on available-for-sale securities (158) (131)
Stock based compensation expense 3,095 3,284
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,373) (849)
Accounts payable 3,021 271
Accrued liabilities 109 186
Net cash used in operating activities (30,745) (28,706)
Cash flows from investing activities:    
Purchase of available-for-sale securities (35,956) (9,965)
Proceeds from maturity of available-for-sale securities   10,100
Purchase of property and equipment (37) (88)
Net cash (used in) provided by investing activities (35,993) 47
Cash flows from financing activities:    
Proceeds from issuance of common stock and pre-funded warrants 53,000 25,000
Payment of issuance costs associated with financing (1,121) (272)
Proceeds from exercise of employee stock options and issuance of common stock under ESPP 14 16
Taxes paid related to net share settlement of equity awards (35) (60)
Settlement of fractional shares paid in cash (1)  
Net cash provided by financing activities 51,857 24,684
Net decrease in cash and cash equivalents (14,881) (3,975)
Cash and cash equivalents - beginning of year 37,125 41,100
Cash and cash equivalents - end of year 22,244 37,125
Supplemental disclosure of non-cash investing and financing activities    
Unpaid issuance costs recorded in accounts payable and accrued liabilities $ 2,316  
Purchase of property and equipment recorded in accrued liabilities   $ 30