v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net loss $ (47,911) $ (29,065)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,588 2,247
Operating lease right-of-use assets 460 377
Depreciation and amortization 147 123
Accretion of available-for-sale marketable securities, net (1,367) (2,125)
Write off of deferred offering costs   390
Accretion/accrual of term loan discounts and debt issuance costs   180
Loss on disposal of property, equipment and leasehold improvements   10
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,659 (2,850)
Accrued expenses and other liabilities 2,563 52
Accounts payable 1,605 (1,049)
Net cash used in operating activities (38,256) (31,710)
Investing activities:    
Proceeds from maturities of available-for-sale marketable securities 76,970 69,497
Purchases of available-for-sale marketable securities (98,463) (9,932)
Purchases of property, equipment and leasehold improvements (35) (137)
Net cash (used in) provided by investing activities (21,528) 59,428
Financing activities:    
Proceeds from offering, net of commissions 47,000  
Proceeds from at-the-market sales, net of commissions 14,146 1,710
Proceeds from exercises of stock options 394 74
Proceeds from employee stock purchase plan 70 68
Payments of finance lease (126) (95)
Payments of offering costs   (258)
Repayments of term loan, term loan final fee and prepayment premium   (9,409)
Net cash provided (used in) by financing activities 61,484 (7,910)
Net increase in cash and cash equivalents 1,700 19,808
Cash and cash equivalents at beginning of period 32,397 12,589
Cash and cash equivalents at end of period 34,097 32,397
Supplemental disclosure of cash flow information:    
Interest paid (4) (331)
State research tax credits exchanged for cash 32 $ 55
Supplemental disclosure of non-cash financing activities:    
Offering costs included in accrued expenses $ 233