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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:    
Net loss $ (69,628) $ (75,521)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,311 11,906
Depreciation and amortization expense 282 96
Impairment of right-of-use asset 256  
Accretion of discounts and amortization of premiums on investments, net (2,248) (3,057)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 299 483
Other long-term assets 563 (110)
Accounts payable (2,172) (164)
Accrued and other liabilities (9,913) 9,999
Operating lease assets and liabilities, net (109) (26)
Other liabilities 163 (384)
Net cash used in operating activities (71,196) (56,778)
Cash flow from investing activities:    
Purchases of short-term investments (19,683) (123,982)
Maturities of short-term investments 75,712 136,000
Purchases of property and equipment   (142)
Net cash provided by investing activities 56,029 11,876
Cash flow from financing activities:    
Proceeds from sale of common stock in connection with ATM, net 23,942 44,888
Payments for offering costs (307) (234)
Proceeds from issuance of common stock under ESPP 308 356
Proceeds from issuance of common stock upon exercise of stock options 1,484 986
Net cash provided by financing activities 25,427 45,996
Net increase in cash and cash equivalents 10,260 1,094
Cash and cash equivalents at the beginning of the year 23,491 22,397
Cash and cash equivalents at the end of the period 33,751 $ 23,491
Supplemental disclosure of noncash investing and financing activities:    
Right-of-use asset obtained in exchange for operating lease liability $ 206