v3.26.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Operating activities    
Net loss $ (17,927) $ (30,754)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,509 5,216
Depreciation and amortization 150 211
Non-cash lease costs 388 478
Net accretion of discounts on investments (199) (526)
Accretion of term loan discount and issuance costs 68 67
Changes in operating assets and liabilities    
Prepaid expenses and other current assets 697 1,894
Other assets 306 12
Accounts payable (1,210) (556)
Payable and accrued liabilities due to related party   (101)
Accrued expenses and other current liabilities (3,012) (97)
Other non-current liabilities (418) (507)
Net cash used in operating activities (18,648) (24,663)
Investing activities    
Purchase of investments (124,486) (15,775)
Maturities of investments 19,500 43,480
Purchase of property and equipment (50) (60)
Net cash (used in) provided by investing activities (105,036) 27,645
Financing activities    
Proceeds from equity offering 150,000  
Payments of issuance costs related to equity offering (9,477)  
Proceeds from ATM offering, net of commissions 11 372
Proceeds from exercise of stock options under equity incentive plan 670  
Proceeds from exercise of pre-funded warrant 3  
Principal payments on finance leases (307) (307)
Principal payments on term loan (1,305)  
Net cash provided by financing activities 139,595 65
Net decrease in cash, cash equivalents and restricted cash 15,911 3,047
Cash, cash equivalents and restricted cash at beginning of year 16,439 17,633
Cash, cash equivalents and restricted cash at end of period 32,350 20,680
Supplemental disclosure of non-cash investing and financing activities    
Purchase of property and equipment in accounts payable and accrued expenses 912 1,107
Equity issuance costs in accounts payable and accrued expenses 150  
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 32,284 20,614
Restricted cash (included in other assets) 66 66
Total cash, cash equivalents and restricted cash $ 32,350 $ 20,680