v3.25.0.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:    
Net loss $ (84,969) $ (43,555)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 96 67
Stock-based compensation expense 12,894 2,900
Accretion of discount on investment securities (6,018) (1,423)
Amortization of right-of-use operating lease assets 316 288
Gain on investment in related party (148) 0
Changes in operating assets and liabilities:    
Receivable from related party (513) 4,406
Unbilled receivable from related party 184 754
Prepaid expenses and other current assets (1,601) 123
Other assets (8,163) (1,027)
Accounts payable, accrued expenses and operating lease liabilities 8,191 661
Deferred revenue 2,387 0
Deferred revenue - related party (836) (55)
Net cash used in operating activities (78,180) (36,861)
Cash flows from investing activities:    
Capital expenditures (105) (110)
Purchases of investment securities (413,707) (57,422)
Proceeds from maturities of investment securities 127,000 77,785
Net cash (used in)/provided by investing activities (286,812) 20,253
Cash flows from financing activities:    
Proceeds from exercise of stock options 1,090 5
Proceeds from the private placement 229,998 0
Payment of issuance costs in connection with the private placement (14,665) 0
Proceeds from issuance of common stock pursuant to at-the-market offerings, net of offering costs 39,200 0
Proceeds from the pre-closing financing 0 72,000
Payment of issuance costs in connection with pre-closing financing 0 (4,250)
Cash acquired in connection with the reverse recapitalization 0 69,738
Payment of reverse recapitalization transaction costs 0 (3,919)
Proceeds from issuance of promissory notes payable to related party 0 377
Repayment of promissory notes payable to related party 0 (377)
Net cash provided by financing activities 255,623 133,574
(Decrease)/increase in cash, cash equivalents and restricted cash (109,369) 116,966
Cash, cash equivalents and restricted cash, beginning of period 132,391 15,425
Cash, cash equivalents and restricted cash, end of period 23,022 132,391
Supplemental Disclosure    
Cash and cash equivalents 22,792 132,325
Restricted cash 230 66
Total cash, cash equivalents and restricted cash 23,022 132,391
Cash paid for interest 0 0
Cash paid for taxes 0 0
Conversion of convertible preferred stock into common stock 0 118,024
Additions to right-of-use lease assets from new operating lease liabilities $ 1,253 $ 89