v3.26.1
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows used in operating activities:    
Net loss $ (10,385) $ (32,085)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 391 435
Noncash lease expense 387 384
Stock-based compensation 2,000 3,832
Amortization of premium and discount on marketable securities, net (388) 79
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (561) (1,048)
Accounts payable (1,879) (1,910)
Deferred revenue (4,580) 0
Accrued expenses and other liabilities (6,602) (3,968)
Operating lease liabilities (68) 50
Net cash used in operating activities (21,685) (34,231)
Cash flows provided by investing activities:    
Purchases of marketable securities 0 (9,463)
Proceeds from maturities of marketable securities 8,499 71,696
Purchases of property and equipment 0 (47)
Net cash provided by investing activities 8,499 62,186
Cash flows used in financing activities:    
Payment of withholding taxes related to stock-based compensation to employees (51) (5)
Payment of offering costs (294) 0
Proceeds from issuance of common stock in connection with the exercise of stock options 31 0
Principal payments on finance lease liabilities 0 (155)
Net cash used in financing activities (314) (160)
Net (decrease) increase in cash, cash equivalents and restricted cash (13,500) 27,795
Cash, cash equivalents, and restricted cash at beginning of period 38,491 16,518
Cash, cash equivalents, and restricted cash at end of period 24,991 44,313
Supplemental disclosures of non-cash activities:    
Property and equipment in accounts payable and accrued expenses and other current liabilities 0 19
Unrealized loss on marketable securities (49) (23)
Offering costs in accounts payable and accrued expenses and other current liabilities $ 144 $ 0