v3.25.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net loss $ (34,491) $ (26,573)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,178 2,410
Depreciation expense 95 82
Loss on extinguishment of debt 0 250
Non-cash interest expense 140 935
Non-cash lease expense 113 2
(Gain) loss from changes in fair value on warrants (48) 78
Changes in operating assets and liabilities:    
Accounts receivable (603) 0
Prepaid expenses and other current assets (1,045) (1,621)
Other assets 3 (25)
Accounts payable (550) (1,211)
Accrued expenses and other current liabilities (4,224) (5,780)
Deferred revenue (2,900) 0
Net cash used in operating activities (37,332) (31,453)
INVESTING ACTIVITIES    
Purchase of property and equipment (585) (35)
Purchases of marketable securities (101,544) 0
Maturities of marketable securities 8,500 0
Net cash used in investing activities (93,629) (35)
FINANCING ACTIVITIES    
Proceeds from Series D issuance 0 170,000
Issuance costs paid on Series D issuance 0 (542)
Term loan principal payments (3,000) (3,000)
Proceeds from issuance of common shares upon stock option exercises 0 425
Deferred offering costs 0 (1,269)
Net cash (used in) provided by financing activities (3,000) 165,614
Effect of changes in exchange rate on cash and cash equivalents (58) 2
Net (decrease) increase in cash and cash equivalents (134,019) 134,128
Cash, cash equivalents and restricted cash at beginning of period 354,349 24,957
Cash and cash equivalents at end of period 220,330 159,085
Supplemental non-cash disclosure:    
Conversion of convertible promissory notes into Series D-1 redeemable convertible preferred stock 0 40,651
Purchases of property and equipment in accounts payable and accrued expenses 18 0
Cash paid for interest 393 810
Right-of-use assets obtained in exchange for lease obligation 3,106 282
Deferred offering costs included in accounts payable, accrued expenses, and other current liabilities $ 0 $ 1,328