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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (40,119) $ (38,512)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,267 1,278
Stock-based compensation expense 2,847 3,235
Change in fair value of derivative tranche liability 1,800 0
Impairment of right-of-use asset 494 0
Loss on the sale of property and equipment 67 0
Non-cash lease expense 1,443 1,285
Non-cash interest and other expenses 17 68
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (109) (343)
Accounts payable (561) 1,024
Accrued expenses and other liabilities (393) (310)
Deferred revenue (385) 0
Operating lease assets and liabilities (2,214) (1,999)
Net cash used in operating activities (35,846) (34,274)
Investing activities    
Purchases of property and equipment (279) (178)
Proceeds from the sale of property and equipment 36 0
Net cash used in investing activities (243) (178)
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants, net 32,562 0
Proceeds allocated to the derivative tranche liability 14,930 0
Proceeds from exercise of stock options 3 33
Principal payments on finance leases (93) (268)
Principal payments on financing obligation (97) (345)
Payments of deferred offering costs 0 (820)
Net cash provided by (used in) financing activities 47,305 (1,400)
Net change in cash, cash equivalents, and restricted cash 11,216 (35,852)
Cash, cash equivalents and restricted cash – beginning of year 65,663 40,004
Cash, cash equivalents and restricted cash – end of period 76,879 4,152
Supplemental disclosures of cash flow information:    
Finance lease right-of-use asset converted to fixed asset 290 0
Issuance costs in accounts payable and accrued expenses 230 0
Deferred offering costs in accounts payable and accrued expenses $ 0 $ 2,504