v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:      
Net loss $ (81,071) $ (52,649)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 10,866 8,804  
Depreciation 953 819  
Non-cash finance lease expense 4,884 0  
Non-cash operating lease expense 1,787 3,186  
Accretion of operating lease liabilities 309 393  
Amortization of discount on investments (35) (1,169)  
Loss on foreign currency exchange rates 61 0  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (1,012) 210  
Other assets (209) (543)  
Accounts payable 2,186 317  
Accrued and other current liabilities 2,067 (1,925)  
Lease liabilities (2,114) (2,220)  
Accrued interest payable under finance lease 100 0  
Net cash used in operating activities (61,228) (44,777)  
Cash flows from investing activities:      
Purchases of property and equipment (946) (1,582)  
Purchases of investments (49,035) 0  
Proceeds from maturities of investments 0 24,500  
Net cash (used in) provided by investing activities (49,981) 22,918  
Cash flows from financing activities:      
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs 93,583 0  
Issuance of common stock from ATM offering, net of sales agent commission and fees 2,595 5,746  
Proceeds from issuance of common stock in connection with the exercise of stock options 0 1,359  
Proceeds from issuance of common stock under employee stock purchase plan 197 129  
Principal payments on finance leases (3,554) 0  
Net cash provided by financing activities 92,821 7,234  
Effect of exchange rate changes on cash and cash equivalents 38 0  
Net decrease in cash and cash equivalents (18,350) (14,625)  
Cash and cash equivalents—beginning of period 163,962 193,238 $ 193,238
Cash and cash equivalents—end of period 145,612 178,613 $ 163,962
Supplemental disclosures      
Cash paid for interest 765 0  
Property and equipment purchases included in accounts payable and accrued expenses 43 375  
Offering costs included in accounts payable and accrued expenses 25 0  
Right-of-use assets obtained in exchange for lease obligations 14,934 0  
Right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 4,210