Financials

v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 17,198 $ 13,724
Investments 131,864 7,182
Restricted cash 285 192
Prepaid expenses and other current assets 3,629 2,448
Total current assets 152,976 23,546
Restricted cash 385 478
Property and equipment, net 385 973
Operating lease right-of-use assets 2,133 3,063
Other assets 0 212
Total assets 155,879 28,272
Current liabilities:    
Notes payable 0 301
Accounts payable 4,786 3,179
Accrued expenses 5,426 11,030
Derivative liability 0 39
Operating lease liabilities, current 1,606 1,437
Loan payable 0 15,908
Total current liabilities 11,818 31,894
Other long-term liabilities 0 44
Operating lease liabilities, noncurrent 1,633 3,239
Total liabilities 13,451 35,177
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and 2023 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 12,179,482 and 4,423,683 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 1 0
Additional paid-in capital 619,285 429,780
Accumulated deficit (476,893) (436,684)
Accumulated other comprehensive loss 35 (1)
Total stockholders’ equity 142,428 (6,905)
Total liabilities and stockholders’ equity $ 155,879 $ 28,272

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v3.25.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating expenses:    
Research and development $ 32,222 $ 31,168
General and administrative 16,499 13,910
Total operating expenses 48,721 45,078
Operating loss (48,721) (45,078)
Other income (expense), net:    
Interest and investment income, net 6,311 1,636
Interest expense (1,872) (3,858)
Other income, net 4,073 2,696
Total other income, net 8,512 474
Net loss $ (40,209) $ (44,604)
Net loss per share, basic $ (3.68) $ (10.31)
Net loss per share, diluted $ (3.68) $ (10.31)
Weighted average number of common shares outstanding, basic 10,915,413 4,327,568
Weighted average number of common shares outstanding, diluted 10,915,413 4,327,568
Comprehensive loss:    
Net Income (Loss) $ (40,209) $ (44,604)
Other comprehensive income (loss):    
Change in unrealized gain on marketable debt securities 36 125
Total other comprehensive income (loss) 36 125
Total comprehensive loss $ (40,173) $ (44,479)

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v3.25.0.1
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

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