v3.25.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 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, 2023
Dec. 31, 2024
Operating activities:                
Net loss $ (23,092) $ (22,970) $ (17,487) $ (13,311) $ (46,062) $ (30,798)    
Adjustments to reconcile net loss to net cash used in operating activities:                
Stock-based compensation expense         4,739 3,177    
Non-cash lease expense         86 72    
Depreciation on property and equipment         24 20    
Accretion of discount on investments         (2,997) (3,471)    
Realized gain on investments         0 (87)    
Changes in operating assets and liabilities:                
Prepaid expenses and other current assets         670 (2,669)    
Other non-current assets         618 (457)    
Accounts payable         (609) 1,316    
Accrued expenses and other current liabilities         1,687 49    
Operating lease liabilities         (99) (82)    
Net cash used in operating activities         (41,943) (32,930)    
Investing activities:                
Purchases of property and equipment         (16) 0    
Purchases of investments         (125,618) (258,400)    
Maturities of investments         167,878 59,400    
Net cash provided by (used in) investing activities         42,244 (199,000)    
Financing activities:                
Proceeds from public offering of common stock, net of issuance costs         0 161,352    
Proceeds from exercise of stock options         623 0 $ 100  
Repurchase of common stock originally issued upon early exercise of stock options         (7) 0    
Net cash provided by financing activities         616 161,352    
Net increase (decrease) in cash, cash equivalents and restricted cash         917 (70,578)    
Cash, cash equivalents and restricted cash—Beginning of period   $ 30,733   $ 140,953 30,733 140,953    
Cash, cash equivalents and restricted cash—End of period 31,650   70,375   31,650 70,375 140,953  
Reconciliation of cash, cash equivalents and restricted cash:                
Cash and cash equivalents 31,423   70,148   31,423 70,148   $ 30,506
Restricted cash 227   227   227 227    
Total cash, cash equivalents and restricted cash $ 31,650   $ 70,375   31,650 70,375 $ 140,953 $ 30,733
Non-cash investing and financing activities:                
Unpaid public offering costs included in accounts payable         $ 195 $ 0