v3.25.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Operating activities:        
Net loss $ (22,970) $ (13,311)    
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation expense 2,273 1,388    
Non-cash lease expense 42 35    
Depreciation on property and equipment 12 10    
Accretion of discount on investments (1,562) (1,181)    
Realized gain on investments 0 (54)    
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets 1,700 (1,118)    
Other non-current assets 138 (457)    
Accounts payable (1,349) 866    
Accrued expenses and other current liabilities 85 (1,061)    
Operating lease liabilities (48) (40)    
Net cash used in operating activities (21,679) (14,923)    
Investing activities:        
Purchases of property and equipment (9) 0    
Purchases of investments (85,164) (215,869)    
Maturities of investments 111,114 27,000    
Net cash provided by (used in) investing activities 25,941 (188,869)    
Financing activities:        
Proceeds from public offering of common stock, net of issuance costs 0 161,352    
Proceeds from exercise of stock options 569 0 $ 100  
Repurchase of common stock originally issued upon early exercise of stock options (7) 0    
Net cash provided by financing activities 562 161,352    
Net increase (decrease) in cash, cash equivalents and restricted cash 4,824 (42,440)    
Cash, cash equivalents and restricted cash—Beginning of period 30,733 140,953    
Cash, cash equivalents and restricted cash—End of period 35,557 98,513 140,953  
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 35,330 98,286   $ 30,506
Restricted cash 227 227    
Total cash, cash equivalents and restricted cash 35,557 98,513 $ 140,953 $ 30,733
Non-cash investing and financing activities:        
Unpaid public offering costs included in accrued expenses 0 20    
Unpaid property and equipment costs included in accrued expenses $ 6 $ 0