v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (34,127) $ (30,142)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 678 1,254
Accretion of marketable securities (1,277) (453)
Non-cash interest expense related to note payable 110 199
Stock-based compensation 3,414 1,984
Changes in current assets and liabilities:    
Prepaid expenses and other assets (524) 255
Right-of-use assets and lease liabilities, net 1,167 214
Accounts payable 558 (410)
Accrued expense and other liabilities (5,414) (1,602)
Deferred revenue (2,171) (566)
Net cash used in operating activities (37,586) (29,267)
Cash flows from investing activities:    
Purchases of property and equipment (1,532) (705)
Purchases of marketable securities (60,938) (8,779)
Maturities of marketable securities 76,000 45,647
Net cash provided by investing activities 13,530 36,163
Cash flows from financing activities:    
Proceeds from exercise of stock options   258
Cash paid for debt issuance costs (400)  
Cash paid for financing costs (125)  
Net cash provided by (used in) financing activities (525) 258
Net increase (decrease) in cash, cash equivalents and restricted cash (24,581) 7,154
Cash, cash equivalents, and restricted cash - beginning of period 183,720 138,390
Cash, cash equivalents, and restricted cash - end of period 159,139 145,544
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:    
Cash and cash equivalents 154,108 140,513
Restricted cash 5,031 5,031
Total cash, cash equivalents, and restricted cash 159,139 145,544
Supplemental disclosure of cash flow information:    
Cash paid for interest 569 758
Supplemental disclosure of non-cash investing and financing activities:    
Financing costs not yet paid 75  
Purchase of property and equipment in accounts payable and accrued liabilities $ 339 $ 309