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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (24,342,000) $ (97,217,000) $ (76,246,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 16,291,000 4,586,000 2,066,000
Gain from change in fair value of warrant liabilities (108,183,000) (0) (0)
Depreciation 952,000 1,084,000 804,000
Amortization of intangible assets 180,000 446,000 497,000
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 539,000 1,714,000 1,189,000
Operating lease right-of-use assets and liabilities 0 (17,000) (9,000)
Accounts payable and other accrued expenses (2,919,000) 6,896,000 (3,449,000)
Accrued development expense (597,000) 757,000 (523,000)
Accrued compensation and benefits 1,157,000 30,000 (1,707,000)
Other liabilities (7,000) (304,000) (136,000)
Net cash used in operating activities (116,929,000) (82,025,000) (77,514,000)
Cash flows from investing activities:      
Purchases of property and equipment (103,000) (414,000) (2,712,000)
Net cash used in investing activities (103,000) (414,000) (2,712,000)
Cash flows from financing activities:      
Proceeds from issuance of common stock upon exercise of stock options 918,000 2,560,000 475,000
Proceeds from exercise of common stock warrants, net of exercise costs 123,552,000 0 0
Proceeds from common stock offering, net of issuance costs 0 0 47,329,000
Net cash provided by financing activities 124,470,000 2,560,000 47,804,000
Net increase (decrease) in cash and cash equivalents 7,438,000 (79,879,000) (32,422,000)
Cash and cash equivalents at beginning of period 121,136,000 201,015,000 233,437,000
Cash and cash equivalents at end of period 128,574,000 121,136,000 201,015,000
Non-cash investing activities      
Purchases of property and equipment included in accounts payable 0 0 340,000
Issuance of warrants resulting in recognition of warrant liabilities 113,363,000 0 0
Derecognition of warrant liabilities upon exercise of warrants $ (5,180,000) $ 0 $ 0