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Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:        
Net loss $ (9,579) $ (4,202) $ (29,397) $ (17,347)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization expense 24 24 95 95
Stock-based compensation expense 80 81 319 314
Change in fair value of Convertible Notes 4,942   1,807  
Non-cash lease expense 17 14 76 51
Accretion of discounts on short-term investments (71)     (194)
Interest accrued on Convertible Notes 558   154  
Changes in operating assets and liabilities:        
Prepaid expenses and other assets (992) 224 3,167 (2,869)
Accounts payable and accrued expenses (2,644) (257) 5,567 (1,008)
Operating lease liabilities (24) (22) (93) (82)
Net cash used in operating activities (7,689) (4,138) (18,305) (21,040)
Cash flows from investing activities:        
Maturities of short-term investments 5,494     22,468
Net cash used in investing activities (10,883)     22,468
Cash flows from financing activities:        
Proceeds from exercise of stock options 3 5 5 2
Proceeds from Convertible Notes     28,298  
Payments of deferred offering costs (1,606)   (1,303)  
Net cash (used in) provided by financing activities (1,603) 5 27,000 2
Net decrease in cash and cash equivalents (20,175) (4,133) 8,695 1,430
Cash and cash equivalents - beginning of period 31,614 22,919 22,919 21,489
Cash and cash equivalents - end of period 11,439 $ 18,786 31,614 $ 22,919
Non-cash investing and financing activities        
Deferred offering costs included in accounts payable and accrued expenses $ 781   $ 1,508