v3.25.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net loss $ (49,157) $ (41,383)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 326 2,313
Stock-based compensation expense 3,759 1,832
Depreciation expense 2,452 1,447
Net amortization of premiums and discounts on marketable securities (420) (171)
Loss on disposal of property and equipment 81 0
Changes in operating assets and liabilities:    
Accounts receivable 607 0
Prepaid expenses and other current assets (445) (1,392)
Accounts payable 1,194 (507)
Accrued expenses and other current liabilities (508) (4,049)
Deferred revenue (997) 0
Operating lease liabilities (133) 5,254
Other non-current assets (439) 172
Net cash used in operating activities (43,680) (36,484)
Investing Activities:    
Purchases of marketable securities (11,161) (96,432)
Proceeds from maturities of marketable securities 32,901 0
Purchases of property and equipment (259) (11,572)
Net cash provided by (used in) investing activities 21,481 (108,004)
Financing Activities:    
Proceeds from PIPE financing, net of issuance costs 0 67,384
Proceeds from exercises of stock options 177 311
Net cash provided by financing activities 177 67,695
Effect of exchange rate changes on cash, cash equivalents and restricted cash (9) 0
Net decrease in cash, cash equivalents and restricted cash (22,031) (76,793)
Cash, cash equivalents and restricted cash, beginning of period 59,049 173,119
Cash, cash equivalents and restricted cash, end of period 37,018 96,326
Non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued expenses 7 914
Financing costs in accounts payable and accrued expenses 0 48
Supplemental cash flow information:    
Cash paid for income taxes 1 47
Cash paid for operating lease liabilities $ 2,761 $ 1,624