v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows Used in Operating Activities:    
Net loss $ (19,142) $ (35,265)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 54 69
Net accretion of discounts/premiums on debt securities (363) (955)
Share-based compensation 3,493 4,003
Loss on investment in joint venture 874 1,172
Changes in operating assets and liabilities:    
Prepaid expenses, operating lease right-of-use assets and other current assets (2,085) 2,134
Accounts payable (159) 242
Accrued expenses and operating lease liabilities (832) 1,328
Deferred revenue (424) 1,397
Net cash used in operating activities (18,584) (25,875)
Cash Flows Provided by Investing Activities:    
Purchases of marketable securities (9,884) (29,890)
Proceeds from maturities of marketable securities 25,500 44,250
Investment in joint venture (1,500) (1,500)
Net cash provided by investing activities 14,116 12,860
Cash Flows Provided by Financing Activities:    
Proceeds from the issuance of common stock from a securities purchase agreement 0 5,405
Proceeds from the issuance of common stock under the stock purchase plan 10 44
Payments of offering costs 0 (257)
Net cash provided by financing activities 10 5,192
Net decrease in cash and cash equivalents (4,458) (7,823)
Cash and cash equivalents — beginning of period 13,903 24,494
Cash and cash equivalents — end of period 9,445 16,671
Supplemental Disclosures of Noncash Investing Activities:    
Offering costs in accrued expenses $ 0 $ 11