Financials

v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 18,900 $ 17,198
Investments 113,887 131,864
Restricted cash 285 285
Prepaid expenses and other current assets 4,288 3,629
Total current assets 137,360 152,976
Property and equipment, net 304 385
Restricted cash 385 385
Operating lease right of use assets 1,882 2,133
Total assets 139,931 155,879
Current liabilities:    
Accounts payable 4,068 4,786
Accrued expenses 5,902 5,426
Operating lease liabilities, current 1,650 1,606
Total current liabilities 11,620 11,818
Operating lease liabilities, noncurrent 1,205 1,633
Total liabilities 12,825 13,451
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024. 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 12,232,853 and 12,179,482 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 1 1
Additional paid-in capital 620,999 619,285
Accumulated deficit (493,871) (476,893)
Accumulated other comprehensive (loss) gain (23) 35
Total stockholders’ equity 127,106 142,428
Total liabilities and stockholders’ equity $ 139,931 $ 155,879

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v3.25.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating expenses:    
Research and development $ 15,642 $ 5,762
General and administrative 4,133 3,861
Total operating expenses 19,775 9,623
Operating loss (19,775) (9,623)
Other income (expense), net:    
Interest and investment income, net 1,681 1,028
Interest expense 0 (839)
Other income, net 1,116 2,535
Total other income, net 2,797 2,724
Net loss $ (16,978) $ (6,899)
Net loss per share of common stock-basic $ (1.39) $ (0.83)
Net loss per share of common stock-diluted $ (1.39) $ (0.83)
Weighted average number of common shares outstanding, basic 12,202,092 8,310,508
Weighted average number of common shares outstanding, diluted 12,202,092 8,310,508
Comprehensive loss:    
Net Income (Loss) $ (16,978) $ (6,899)
Other comprehensive loss:    
Change in unrealized (loss) gain on marketable debt securities (58) (328)
Total other comprehensive (loss) income (58) (328)
Total comprehensive loss $ (17,036) $ (7,227)

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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

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