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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:        
Net loss     $ (58,920) $ (57,725)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation expense $ 300 $ 300 995 703
Stock-based compensation expense     11,629 10,581
Non-cash operating lease expense     762 689
Net amortization of premiums and accretion of discounts on investments     (567) (2,880)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     946 703
Accounts payable     255 (3,355)
Accrued expenses and other current liabilities     (2,872) 4,841
Operating lease liabilities     (656) (687)
Other assets       (1,179)
Net cash used in operating activities     (48,428) (48,309)
Cash flows from investing activities:        
Purchases of investments     (68,474) (168,165)
Proceeds from maturities of investments     114,500 103,923
Purchases of property and equipment     (1,450) (1,941)
Net cash provided by (used in) investing activities     44,576 (66,183)
Cash flows from financing activities:        
Proceeds from issuance of common stock in private placement       69,997
Proceeds from issuance of pre-funded warrants in private placement       60,003
Proceeds from exercise of stock options     1 90
Payments of offering costs       (6,543)
Payments of tax withholdings related to vesting of restricted stock units     (558) (1,873)
Net cash (used in) provided by financing activities     (557) 121,674
Net (decrease) increase in cash, cash equivalents, and restricted cash     (4,409) 7,182
Cash, cash equivalents and restricted cash at beginning of period     40,016 36,429
Cash, cash equivalents and restricted cash at end of period 35,607 43,611 35,607 43,611
Supplemental disclosure of non-cash investing and financing activities:        
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities       588
Right-of-use assets obtained in exchange for operating lease liability       56
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 35,405 43,415 35,405 43,415
Restricted cash 202 196 202 196
Total cash, cash equivalents, and restricted cash $ 35,607 $ 43,611 $ 35,607 $ 43,611