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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Cash flows from operating activities      
Net loss $ (32,733) $ (81,144) $ (70,513)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation expense 200 846 941
Stock-based compensation   9,769 9,887
Change in fair value of warrant liability   463 67
Non-cash change in fair value of term loan   627 135
Debt issuance costs expensed under the fair value option   147  
Impairment of long-lived assets 0 0 4,838
Non-cash lease expense   959 916
Other   264 678
Changes in operating assets and liabilities:      
Prepaid expenses and other assets   401 (612)
Accounts payable   1,973 (1,416)
Accrued expenses and other liabilities   3,615 (1,527)
Deferred revenue   (4,288) (6,311)
Net cash used in operating activities   (66,368) (62,917)
Cash flows from investing activities      
Purchase of property, plant and equipment   (488) (376)
Other   131  
Net cash used in investing activities   (357) (376)
Cash flows from financing activities      
Proceeds from issuance of common stock and pre-funded warrants from underwritten public offering, net of underwriting discounts and sales commissions and other offering costs   215,716 77,140
Prepayment of 2023 Trinity term loan   (40,612)  
Proceeds from 2025 Trinity term loan, net   49,853  
Debt issuance costs for term loan     (18)
Payment of shelf registration costs   (33)  
Proceeds from common stock issuances under ESPP   159 89
Proceeds from stock option exercises   197 40
Other   (247) (210)
Net cash provided by financing activities   225,033 77,041
Net increase in cash, cash equivalents and restricted cash   158,308 13,748
Cash, cash equivalents and restricted cash at the beginning of the period 299,944 141,636 146,540
Cash, cash equivalents and restricted cash at the end of the period 299,944 299,944 160,288
Cash and cash equivalents 297,344 297,344 157,688
Restricted cash $ 2,600 2,600 2,600
Supplemental disclosure of cash flow information:      
Cash paid for interest   3,949 3,980
Supplemental disclosure of noncash investing and financing activities:      
Proceeds allocated to Success Fee liability   217  
Property, plant and equipment in accounts payable and accrued expenses   41 133
Offering costs not yet paid   $ 25 $ 360