Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (16,978) $ (6,899)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,714 982
Depreciation expense 81 152
Net amortization of premiums and discounts on investments (204) (909)
Amortization of debt discount 0 188
Other (34) 5
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current assets (659) 1,229
Decrease in other assets 0 213
Decrease in operating lease right-of-use assets 251 222
Decrease in other long-term liabilities 0 (44)
Decrease in accounts payable (684) (1,131)
Increase (decrease) in accrued expenses 476 (1,632)
Decrease in operating lease liabilities (384) (343)
Net cash used in operating activities (16,421) (7,967)
Cash flows from investing activities:    
Purchases of investments (37,605) (105,898)
Proceeds from sales and maturities of investments 55,728 7,662
Net cash provided by (used in) investing activities 18,123 (98,236)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net 0 108,899
Repayment of notes payable 0 (111)
Repayment of long-term borrowings 0 (2,206)
Net cash provided by financing activities 0 106,582
Net increase in cash, cash equivalents, and restricted cash 1,702 379
Cash, cash equivalents, and restricted cash at beginning of the period 17,868 14,394
Cash, cash equivalents, and restricted cash at end of the period 19,570 14,773
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 0 547
Common stock issuance costs not yet paid 75 171
Issuance of common stock for conversion of convertible debt $ 0 $ 1,125