v3.25.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (43,291) $ (28,194)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,776 2,542
Non cash operating lease expense 69 52
Accretion and amortization of marketable securities, net (2,322) (944)
Depreciation expense 138 111
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 853 (750)
Accounts payable 447 1,053
Accrued expenses 305 2,225
Operating lease right-of-use asset (566) 0
Operating lease liability 479 (75)
Net cash used in operating activities (40,112) (23,980)
Cash flows from investing activities:    
Purchases of property and equipment (737) (725)
Purchases of marketable securities (106,323) (24,237)
Maturities of marketable securities 130,272 32,500
Call redemptions of marketable securities. 6,000 0
Net cash provided by investing activities 29,212 7,538
Cash flows from financing activities:    
Proceeds from exercise of common stock options 1,330 239
Payments related to offering costs 0 (1,817)
Net cash provided by (used in) financing activities 1,330 (1,578)
Net (decrease) increase in cash and cash equivalents (9,570) (18,020)
Cash and cash equivalents, beginning of period 49,351 30,523
Cash and cash equivalents, end of period 39,781 12,503
Supplemental disclosure of non-cash investing and financing activities:    
Vesting of early exercised stock options 27 174
Property and equipment in accounts payable and accrued liabilities 7 70
Tenant allowance leasehold improvement included in operating lease right-of-use asset 65 0
Deferred initial public offering costs included in accounts payable and accrued expenses $ 0 $ 934