v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (22,563) $ (19,575)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,378 4,015
Depreciation of property and equipment 23 29
Accretion of discounts on short-term investments (870) (686)
Amortization of debt discount and costs 218  
Loss on foreign currency exchange 154 (15)
Impairment loss on long-lived asset 709  
Deferred income tax benefit   (681)
Changes in operating assets and liabilities:    
Accounts receivable (446) 37
Prepaid expenses and other assets 1,617 (428)
Accounts payable (1,187) 866
Accrued expenses and other liabilities (2,493) (1,699)
Income tax and R&D incentive receivables 518 1,297
Net cash used in operating activities (20,942) (16,840)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sales and maturities of short-term investments 39,622 38,040
Purchases of short-term investments (43,291) (43,141)
Purchases of property and equipment (21)  
Net cash used in investing activities (3,690) (5,101)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments of deferred offering costs (89) (125)
Proceeds from issuance of common stock in at-the-market offerings, net 8,742 34,748
Proceeds from issuance of common stock and pre-funded warrants in direct offering, net 70,338  
Proceeds from issuance of common stock from Employee Stock Purchase Plan 177 170
Payments for tax withholding in share-based compensation (695) (678)
Other financing activities   4
Net cash provided by financing activities 78,473 34,119
Net increase (decrease) in cash and cash equivalents and restricted cash 53,841 12,178
Cash, cash equivalents and restricted cash at beginning of period 43,802 36,968
Cash, cash equivalents and restricted cash at end of period 97,643 49,146
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest $ 849  
SUPPLEMENTAL NON-CASH ACTIVITIES:    
Deferred offering costs in accrued expenses and other current liabilities   $ 173