v3.26.1

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operations:
Net Loss	$ (14,767)	$ (13,702)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,415	1,721
Depreciation	891	936
Non-cash operating lease expense	132	118
Net amortization of investments	(48)	(2)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,076	723
Other assets	(32)	16
Accounts payable	(911)	(886)
Accrued expenses and other current liabilities	(1,955)	(716)
Non-current operating lease liabilities	(225)	(240)
Net cash used in operating activities	(13,424)	(12,032)
Cash flows from investing activities:
Maturities of investments	23,915	15,600
Purchases of investments	(67)	0
Net cash provided by investing activities	23,848	15,600
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs	20,562	0
Proceeds from exercise of common stock warrants	5,444	0
Proceeds from the exercises of stock options and purchases pursuant to employee stock purchase plan	59	8
Taxes paid related to net share settlement of equity awards	(262)	(65)
Net cash provided by (used in) financing activities	25,803	(57)
Increase in cash and cash equivalents	36,227	3,511
Cash and cash equivalents, beginning of period	54,192	57,387
Cash and cash equivalents, end of period	90,419	60,898
Supplemental disclosures of non-cash financial activities:
Unrealized gain on investments	6	0
Unpaid amounts related to purchase of property and equipment	63	0
Changes in lease balances resulting from lease modification	$ 678	$ 0

Increase (Decrease) In Operating Leases, Right of Use Assets (Liability)

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The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

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Future cash outflow to pay for purchases of fixed assets that have occurred.

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Amount of cash and cash equivalent, and cash and cash equivalent restricted to withdrawal or usage; attributable to continuing operation. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

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