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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (9,725) $ (97,335)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,593 2,172
Stock-based compensation expense 14,554 14,802
Net accretion of discounts on marketable securities (4,392) (5,991)
Changes in operating assets and liabilities:    
Unbilled accounts receivable (1,559) (308)
Prepaid expenses and other current assets (1,365) (1,072)
Operating lease assets and liabilities (700) (715)
Other assets 2,001 94
Accounts payable (1,593) (853)
Accrued expenses and other liabilities (1,032) (825)
Deferred revenue 0 (934)
Net cash used in operating activities (2,218) (90,965)
Investing activities    
Purchases of marketable securities (178,594) (194,892)
Maturities of marketable securities 211,102 158,708
Purchases of property and equipment (278) (508)
Net cash provided by (used in) investing activities 32,230 (36,692)
Financing activities    
Proceeds from issuance of common stock in connection with public offerings, net of issuance costs 0 117,345
Proceeds from issuance of common stock under benefit plans, net 2,746 777
Net cash provided by financing activities 2,746 118,122
Net increase (decrease) in cash, cash equivalents and restricted cash 32,758 (9,535)
Cash, cash equivalents, and restricted cash, beginning of period 26,655 36,190
Cash, cash equivalents, and restricted cash, end of period 59,413 26,655
Supplemental cash flow information    
Cash paid for operating lease liabilities 2,782 3,333
Non-cash investing and financing activities:    
Cash and cash equivalents 58,212 25,563
Restricted cash 1,201 1,092
Total cash, cash equivalents, and restricted cash $ 59,413 $ 26,655