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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (39,512) $ (20,557)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,087 1,701
Stock-based compensation 6,646 7,191
Non-cash lease expense 395 335
Accretion of discount on marketable debt securities (2,053) (2,924)
Changes in operating assets and liabilities:    
Accounts receivable (3,000)  
Prepaid expenses and other current assets (2,503) (8)
Accounts payable 4,553 1,812
Accrued expenses and other current liabilities (4,673) (2,951)
Operating lease liabilities (700) (594)
Deferred revenues   (7,660)
Other (38) (62)
Net cash used in operating activities (39,798) (23,717)
Investing activities    
Redemption of marketable debt securities 123,573 113,848
Purchase of marketable debt securities (92,448) (132,105)
Purchase of property and equipment   (237)
Net cash provided by (used in) investing activities 31,125 (18,494)
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 (69) (239)
Proceeds from the exercise of stock options   293
Proceeds from issuance of common stock under ESPP   105
Net cash (used in) provided by financing activities (67) 57,621
Net (decrease) increase in cash, cash equivalents and restricted cash (8,740) 15,410
Cash, cash equivalents and restricted cash at beginning of year 20,945 11,136
Cash, cash equivalents and restricted cash at end of period 12,205 26,546
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 10,733 25,074
Restricted cash 1,472 1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,205 $ 26,546