v3.25.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (32,030) $ (17,426)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 157 121
Non-cash operating lease expense 460 488
Stock-based compensation 4,987 2,262
Accretion of premiums/discounts on marketable securities, net (692) (2,092)
Change in fair value of warrant liability (0) 107
Loss on disposal of property and equipment 67 0
Gain on marketable securities (6) 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets 273 846
Other long-term assets (6) 936
Accounts payable 190 100
Accrued expenses (2,964) (1,841)
Operating lease liabilities (509) 25
Net cash used in operating activities (30,073) (16,474)
Investing activities    
Purchase of property and equipment (91) (266)
Purchases of marketable securities (59,128) (99,649)
Sales and maturities of marketable securities 88,018 69,747
Net cash provided by (used in) investing activities 28,799 (30,168)
Financing activities    
Payments of deferred offering costs (176) 0
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs 0 108,211
Proceeds from exercise of stock options 24 135
Proceeds from employee stock purchase plan 267 0
Net cash provided by financing activities 115 108,346
Net increase (decrease) in cash and cash equivalents (1,159) 61,704
Cash and cash equivalents at beginning of period 21,943 15,526
Cash and cash equivalents at end of period 20,784 77,230
Supplemental disclosure of noncash investing and financing activities    
Reclassification of warrant from liability to equity 0 216
Reclassification of deferred offering costs paid in prior year to equity 0 343
Conversion of Convertible Preferred Stock to Common Stock [Member]    
Supplemental disclosure of noncash investing and financing activities    
Conversion of convertible preferred stock to common stock upon initial public offering $ 0 $ 192,620