v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (61,515) $ (41,760)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,614 2,432
Stock-based compensation 9,719 10,172
Non-cash lease expense 605 514
Accretion of discount on marketable debt securities (2,585) (4,576)
Prepaid expenses and other current assets (1,308) 1,256
Accounts payable 4,897 1,210
Accrued expenses and other current liabilities (3,375) 1,017
Operating lease liabilities (1,070) (908)
Deferred revenues   (7,660)
Other (57) (79)
Net cash (used in) operating activities (53,075) (38,382)
Investing activities    
Redemption of marketable debt securities 149,610 137,483
Purchase of marketable debt securities (107,005) (155,748)
Purchase of property and equipment (9) (237)
Net cash provided by (used in) investing activities 42,596 (18,502)
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of offering costs 2 46,872
Proceeds from issuance of common stock pursuant to ATM program, net of offering costs   12,174
Tax withholding payments related to net settlement of restricted common stock (77) (240)
Proceeds from the exercise of stock options   293
Proceeds from issuance of common stock under ESPP   177
Net cash (used in) provided by financing activities (75) 59,276
Net (decrease) increase in cash, cash equivalents and restricted cash (10,554) 2,392
Cash, cash equivalents and restricted cash at beginning of year 20,945 11,136
Cash, cash equivalents and restricted cash at end of period 10,391 13,528
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 8,919 12,056
Restricted cash 1,472 1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,391 $ 13,528