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 $ (46,314) $ (30,607)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 802 649
Non-cash operating lease expense 1,039 490
Stock-based compensation 3,288 1,205
Accretion of premiums (discounts), net (1,940) (230)
Deferred income tax   (202)
Other (3) (2)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,704) (767)
Accounts receivable 20 (50)
Other non-current assets (33) 12
Accounts payable 3,381 (340)
Accrued expenses and other current liabilities (1,261) 436
Operating lease, net (905) (292)
Net cash used in operating activities (43,630) (29,698)
Cash flows from investing activities:    
Purchase of property and equipment (440) (913)
Proceeds from sale of non-financial asset   22,625
Purchases of marketable securities (113,560) (32,187)
Maturities of marketable securities 108,340 7,910
Net cash used in investing activities (5,660) (2,565)
Cash flows from financing activities:    
Proceeds from issuance of Series B Convertible Preferred Stock, net of issuance costs   75,000
Repurchases of unvested restricted common stock   (1)
Proceeds from exercise of stock options 405 11
Payments of deferred offering costs   (58)
Net cash provided by financing activities 405 74,952
Net (decrease) increase in cash, cash equivalents and restricted cash (48,885) 42,689
Cash, cash equivalents and restricted cash, beginning of period 239,101 89,388
Cash, cash equivalents and restricted cash, end of period 190,216 132,077
Supplemental cash flow information:    
Cash paid for income taxes   157
Supplemental disclosure for noncash investing and financing activities:    
Issuance costs of Series B Convertible Preferred Stock included in accounts payable and accrued expenses and other current liabilities   58
Unpaid deferred offering costs included in accounts payable and accrued expenses and other current liabilities   355
Property and equipment included in accrued expenses and other current liabilities   208
Cash, Cash Equivalents and Restricted Cash:    
Cash and cash equivalents 189,311 131,172
Restricted Cash 905 905
Total cash, cash equivalents and restricted cash $ 190,216 $ 132,077