Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (115,864) $ (67,675)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 19,465 11,343
Depreciation 1,711 1,426
Amortization of finance lease 3,102 0
Non-cash operating lease expense 2,838 2,070
Accretion of operating lease liabilities 405 408
Amortization of discount on investments (1,528) (1,222)
Loss on foreign currency exchange rates 38 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 528 (954)
Other assets (584) (1,144)
Accounts payable 1,011 1,675
Accrued and other current liabilities 3,947 2,980
Lease liabilities (3,291) (2,456)
Net cash used in operating activities (88,222) (53,549)
Cash flows from investing activities:    
Purchases of property and equipment (2,211) (687)
Purchases of investments 0 (84,264)
Proceeds from maturities of investments 49,500 62,500
Net cash provided by (used in) investing activities 47,289 (22,451)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 10,875 185,202
Proceeds from issuance of common stock in connection with the exercise of stock options 1,430 2,321
Proceeds from the issuance of common stock under employee stock purchase plan 269 108
Principal payments on finance leases (897) 0
Net cash provided by financing activities 11,677 187,631
Effect of exchange rate changes on cash and cash equivalents (20) 0
Net (decrease) increase in cash and cash equivalents (29,276) 111,631
Cash and cash equivalents—beginning of year 193,238 81,607
Cash and cash equivalents—end of year 163,962 193,238
Supplemental disclosures    
Cash paid for interest 748 0
Property and equipment purchases included in accounts payable 404 702
Right-of use assets obtained in exchange for lease obligations 10,963 2,048
Right-of-use assets obtained in exchange for operating lease obligations $ 4,242 $ 0