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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (127,499) $ (89,218)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 4,108 5,361
Accretion of marketable securities (3,897) (1,072)
Non-cash interest expense related to loan payable 773 757
Loss on extinguishment of debt 1,090  
Stock-based compensation 9,549 5,208
Changes in current assets and liabilities:    
Prepaid expenses and other assets (538) 985
Right-of-use assets and lease liabilities, net 1,881 935
Accounts payable 1,994 (52)
Accrued expense and other liabilities 4,532 3,853
Deferred revenue (2,815) 11,885
Net cash used in operating activities (110,822) (61,358)
Cash flows from investing activities:    
Purchases of property and equipment (3,825) (3,146)
Purchases of marketable securities (241,445) (77,613)
Proceeds from maturities of marketable securities 192,657 20,000
Net cash used in investing activities (52,613) (60,759)
Cash flows from financing activities:    
Repayment of loan payable, net (17,144)  
Proceeds from borrowings under loan agreement, net 32,457  
Proceeds from issuance of common stock, net of offering costs 33,131 42,414
Proceeds from issuance of pre-funded warrants, net of offering costs 158,271 92,318
Issuance of common stock under employee stock purchase plan 333  
Proceeds from exercise of stock options 1,717 711
Net cash provided by financing activities 208,765 135,443
Net increase in cash, cash equivalents and restricted cash 45,330 13,326
Cash, cash equivalents, and restricted cash - beginning of year 138,390 125,064
Cash, cash equivalents, and restricted cash - end of year 183,720 138,390
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:    
Cash and cash equivalents 178,689 133,359
Restricted cash 5,031 5,031
Total cash, cash equivalents, and restricted cash 183,720 138,390
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,881 3,002
Supplemental disclosure of non-cash investing and financing activities:    
Debt issuance costs not yet paid 400  
Financing costs not yet paid 200  
Lease liability arising from obtaining right-of-use asset 6,133 6,214
Purchase of property and equipment in accounts payable and accrued liabilities 84 $ 301
Issuance of common stock upon note conversion $ 14,750