v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (13,722) $ (20,781)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,605 2,022
Non-cash operating lease expense 58 39
Accretion of discounts on marketable securities, net (305) (669)
Depreciation and amortization expense 38 0
Unrealized foreign currency transaction loss 21 24
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 929 1,893
Other long-term assets 0 (10)
Accounts payable (1,409) 72
Accrued expenses and other current liabilities (1,532) 2,035
Operating lease liabilities (62) (59)
Net cash used in operating activities (14,379) (15,434)
Cash flow from investing activities:    
Purchases of marketable securities (44,855) (58,751)
Proceeds from maturities of marketable securities 31,900 16,000
Net cash used in investing activities (12,955) (42,751)
Cash flows from financing activities    
Proceeds from exercise of stock options 5 0
Net cash provided by financing activities 5 0
Effect of exchange rate changes on cash and cash equivalents 0 (24)
Net change in cash and cash equivalents (27,329) (58,209)
Cash and cash equivalents at beginning of period 35,685 87,229
Cash and cash equivalents at end of period 8,356 29,020
Supplemental disclosure of cash flow information:    
Cash paid for leases included in operating cash outflows $ 73 $ 69