XML 14 R7.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (86,716) $ (55,496)
Adjustments to reconcile net loss to net cash used in operations:    
Stock-based compensation 4,679 3,562
Accretion of discounts on available-for-sale marketable securities (3,953) (2,535)
Depreciation and amortization expense 1,016 1,012
Impairment of capitalized software 648 0
Non-cash lease expense 1,419 1,187
Changes in assets and liabilities:    
Prepaid expense and other current assets 1,972 535
Other non-current assets (505) (332)
Accounts payable 5,193 967
Accrued compensation 88 (90)
Other accrued expenses and current liabilities 1,016 2,621
Operating lease liability (1,721) (1,131)
Net cash used in operating activities (76,864) (49,700)
Cash flows from investing activities    
Purchases of available-for-sale marketable securities (175,851) (225,229)
Proceeds from maturities of available-for-sale marketable securities 210,800 36,000
Internal-use software development costs (200) 0
Purchases of property and equipment (4) (1,571)
Net cash provided by (used in) investing activities 34,745 (190,800)
Cash flows from financing activities    
Proceeds from issuance of common stock upon initial public offering, net of underwriting commissions 0 341,171
Proceeds from exercise of common stock options 3 137
Principal paid on finance lease liabilities (603) (467)
Payments for offering costs (412) (3,361)
Taxes paid related to net share settlement upon vesting of restricted stock units (51) 0
Net cash (used in) provided by financing activities (1,063) 337,480
Net (decrease) increase in cash and cash equivalents and restricted cash (43,182) 96,980
Cash, cash equivalents and restricted cash, at beginning of period 97,173 35,212
Cash, cash equivalents and restricted cash, at end of period 53,991 132,192
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position    
Cash and cash equivalents 53,440 131,618
Restricted cash 551 574
Cash, cash equivalents and restricted cash at end of period 53,991 132,192
Supplemental disclosure for non-cash investing and financing activities    
Conversion of 114,556,997 shares of redeemable convertible preferred stock to common stock upon the closing of initial public offering 0 180,574
Internal-use software development costs in accounts payable 100 0
Purchases of property and equipment in accounts payable 0 6
Vesting of restricted stock 0 6
Right-of-use asset obtained in exchange for operating and finance lease liability 0 2,518
Supplemental disclosure of cash flow information    
Cash paid for interest $ 37 $ 82