Quarterly report [Sections 13 or 15(d)]

Condensed Statements of Cash Flows

v3.25.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net loss $ (11,212) $ (10,945)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,956 709
Issuance of common shares - Founders Agreement 52 396
Loss on common stock warrant liabilities 62  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (255) (284)
Accounts payable and accrued expenses (2,724) 3,524
Accounts payable and accrued expenses - related party 435 126
Net cash used in operating activities (11,686) (6,474)
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares - Registered direct offering   14,000
Payment of offering costs for the issuance of common shares - Registered direct offerings   (1,213)
Cash received for exercise of warrants 38,124  
Net cash provided by financing activities 38,124 12,787
Net increase in cash and cash equivalents 26,438 6,313
Cash and cash equivalents at beginning of period 6,604 4,928
Cash and cash equivalents at end of period 33,042 11,241
Supplemental disclosure of noncash investing and financing activities:    
Issuance of common shares - Founders Agreement $ 7,638  
Issuance of common shares - Registered direct offerings (offering costs incurred but not paid)   $ 150