v3.25.2
Condensed Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities                
Net loss $ (10,386,000) $ (18,176,000) $ (8,118,000) $ (6,629,000) $ (28,562,000) $ (14,747,000)    
Adjustments to reconcile net loss to net cash used in operating activities:                
Accretion of discount on marketable securities         (761,000) (670,000)    
Non-cash operating lease expense         77,000 71,000    
Stock-based compensation expense         3,070,000 2,208,000    
Changes in operating assets and liabilities:                
Prepaid expenses and other current assets         (722,000) 1,048,000    
Accounts payable, accrued expenses and other current liabilities         3,339,000 309,000    
Operating lease liabilities         (78,000) (61,000)    
Net cash used in operating activities         (23,637,000) (11,842,000)    
Cash flows from investing activities                
Purchases of marketable securities         (58,528,000) (82,952,000)    
Sales and maturities of marketable securities         48,651,000 10,795,000    
Net cash provided by investing activities         (9,877,000) (72,157,000)    
Cash flows from financing activities                
Proceeds from sale of Series A common stock, net of issuance costs         0 105,750,000    
Payment of financing costs         0 (1,045,000)    
Proceeds from exercise of stock options         1,000 114,000    
Net cash provided by financing activities         1,000 104,819,000    
Net (decrease) increase in cash and cash equivalents             $ (33,513,000) $ 20,820,000
Cash and cash equivalents at beginning of period   $ 75,840,000   $ 75,139,000 75,840,000 75,139,000 75,139,000  
Cash and cash equivalents at end of period $ 42,327,000   $ 95,959,000   42,327,000 95,959,000 $ 75,840,000 $ 75,139,000
Supplemental non-cash investing and financing activities:                
Right-of-use assets obtained in exchange for operating lease obligations         $ 152,000 $ 149,000