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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (21,158) $ (3,256)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 552 1,116
Stock-based compensation 3,631 4,320
Non-cash lease expense 193 164
Accretion of discount on marketable debt securities (1,157) (1,288)
Changes in operating assets and liabilities:    
Accounts receivable   (8,000)
Prepaid expenses and other current assets (930) (2,046)
Accounts payable (2,013) (1,365)
Accrued expenses and other current liabilities (1,315) (2,143)
Operating lease liabilities (338) (552)
Deferred revenues   (7,660)
Net cash used in operating activities (22,535) (20,710)
Investing activities    
Redemption of marketable debt securities 67,173 74,532
Purchase of marketable debt securities (51,352) (92,793)
Purchase of property and equipment   (237)
Net cash provided by (used in) investing activities 15,821 (18,498)
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of offering costs 2 46,872
Proceeds from issuance of common stock pursuant to ATM program, net of offering costs   10,590
Tax withholding payments related to net settlement of restricted common stock (2) (196)
Proceeds from the exercise of stock options   245
Net cash provided by financing activities   57,511
Net (decrease) increase in cash, cash equivalents and restricted cash (6,714) 18,303
Cash, cash equivalents and restricted cash at beginning of year 20,945 11,136
Cash, cash equivalents and restricted cash at end of period 14,231 29,439
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 12,759 27,967
Restricted cash 1,472 1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 14,231 $ 29,439