Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (39,282)	$ (24,303)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on available-for-sale securities	(312)	(540)
Equity-based compensation expense	3,341	1,611
Depreciation and amortization expense	407	327
Non-cash lease expense	575	661
Change in fair value of derivative liabilities	1,650	0
Other	(22)	(94)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	2,023	(1,998)
Accounts payable	461	(596)
Operating lease liabilities	(416)	(473)
Accrued expenses and other liabilities	(275)	213
Net cash used in operating activities	(31,850)	(25,192)
Cash flows from investing activities:
Purchases of property and equipment	(126)	(149)
Proceeds from maturities of available-for-sale securities	38,000	45,000
Purchases of available-for-sale securities	(65,337)	(83,346)
Other	0	5
Net cash used in investing activities	(27,463)	(38,490)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of underwriting discounts and commissions	189,637	0
Payments of common stock and pre-funded warrants issuance costs in public offering	(20)	0
Proceeds from issuance of common stock and pre-funded warrants in private placement	0	108,859
Payments of common stock and pre-funded warrants issuance costs in private placement	0	(4,825)
Proceeds from issuance of common stock in at-the-market public offering, net of sales commissions	246	3,056
Proceeds from exercises of common stock options	0	151
Payments of principal portion of finance lease obligations	(135)	0
Net cash provided by financing activities	189,728	107,241
Net increase in cash, cash equivalents, and restricted cash	130,415	43,559
Cash, cash equivalents, and restricted cash at beginning of period	82,187	75,848
Cash, cash equivalents, and restricted cash at end of period	212,602	119,407
Supplemental disclosure of cash flow information:
Cash paid for Interest	68	0
Supplemental disclosure of non-cash investing and operating activities:
Common stock issued as payment for developmental milestone consideration	5,000	0
Right-of-use assets acquired through operating leases	0	417
Decrease in right-of-use assets due to lease termination	0	(197)
Property and equipment purchases included in accounts payable and accrued expenses	$ 80	$ 20

Solid Biosciences Inc. 10-Q