XML 26 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
NetIncomeLoss $ (52,673,000) $ (35,311,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 4,530,000 199,000
Depreciation and amortization 459,000 417,000
Amortization of right-of-use asset - operating 203,000 143,000
Amortization of debt issuance costs 142,000  
Non-cash interest expense 120,000  
Loss on sales of available-for-sale securities 54,000  
Change in operating assets and liabilities:    
Prepaid and other assets 2,256,000 (1,497,000)
Accounts payable, accrued and other liabilities (5,927,000) 1,713,000
Lease liabilities (281,000) (210,000)
Net cash used in operating activities (51,117,000) (34,546,000)
Cash flows from investing activities:    
Proceeds from sales of marketable securities 15,925,000  
Purchases of property and equipment (52,000) (246,000)
Net cash provided by (used in) investing activities 15,873,000 (246,000)
Cash flows from financing activities:    
Cash acquired in connection with the reverse recapitalization 57,736,000  
Payment of reverse recapitalization transaction costs (2,045,000)  
Proceeds from the issuance of Convertible Preferred Stock   53,783,000
Payment of issuance costs associated with the issuance of Convertible Preferred Stock   (723,000)
Proceeds from issuance of convertible notes payable 6,000,000  
Payment of issuance costs associated with the issuance of convertible notes payable (142,000)  
Proceeds from the issuance of common stock in connection with equity plans 26,000 65,000
Net cash provided by financing activities 116,129,000 53,125,000
Net increase in cash and cash equivalents 80,885,000 18,333,000
Cash and cash equivalents, beginning of period 29,876 11,543
Cash and cash equivalents, end of period 110,761 29,876
Supplemental disclosure of noncash financing activities:    
Right-of-use asset obtained in exchange for new operating lease liability   219,000
Issuance of Series C Preferred Stock conversion   $ 23,313,000
Conversion of Series C Preferred Stock 129,825,000  
Conversion of convertible note payable 6,120,000  
Assets acquired in connection with the reverse recapitalization 17,222,000  
Other liabilities assumed in connection with the reverse recapitalization 9,459,000  
Reverse recapitalization transaction costs included in accounts payable 40,000  
Concurrent Financing issuance costs included in accounts payable 37,000  
Concurrent Financing issuance costs paid by Reneo prior to Merger 89,000  
Private Placement    
Cash flows from financing activities:    
Proceeds from the issuance of common stock in Concurrent Financing 58,881,000  
Payment of issuance costs associated with the Concurrent Financing $ (4,327,000)