Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (40,209)	$ (44,604)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,145	3,470
Depreciation expense	588	641
Net amortization of premiums and discounts on investments	(3,327)	(506)
Amortization of debt discount	396	824
Other	189	(19)
Changes in operating assets and liabilities:
Increase in prepaid expenses and other current assets	(1,229)	(1,470)
Decrease (increase) in other assets	212	(57)
Decrease in operating lease right-of-use asset	930	821
(Decrease) increase in other long-term liabilities	(44)	22
Increase in accounts payable	1,603	1,028
(Decrease) increase in accrued expenses	(5,611)	5,031
Decrease in operating lease liabilities	(1,437)	(1,281)
Net cash used in operating activities	(41,794)	(36,100)
Cash flows from investing activities:
Purchases of investments	(180,804)	(33,885)
Proceeds from sales and maturities of investments	59,494	69,527
Net cash used in investing activities	(121,310)	35,642
Cash flows from financing activities:
Proceeds from issuance of notes payable	0	373
Repayment of short-term borrowings	(301)	(426)
Repayment of long-term borrowings	(15,179)	(2,821)
Proceeds from issuance of common stock, net	182,058	53
Net cash provided by (used in) financing activities	166,578	(2,821)
Net increase (decrease) in cash, cash equivalents, and restricted cash	3,474	(3,279)
Cash, cash equivalents, and restricted cash at beginning of the period	14,394	17,673
Cash, cash equivalents, and restricted cash at end of the period	17,868	14,394
Supplemental disclosure of cash flow information and non cash transactions:
Cash paid during the period for interest	2,818	2,607
Issuance of common stock for conversion of convertible debt	1,125	875
Write-off of fully depreciated property and equipment	71	178
Common stock issuance costs not yet paid	$ 75	$ 0