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FY2024
12 months to Dec 31, 2024
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FY2023
12 months to Dec 31, 2023
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|---|---|---|
| OPERATING ACTIVITIES | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | ||
| Amortization of operating lease right-of-use assets | ||
| Depreciation | ||
| Loss from disposal of property and equipment | ||
| Acquired in-process research and development | ||
| Accretion on investments in marketable securities | ||
| Change in fair value of derivative liabilities | ||
| Loss on extinguishment of convertible notes | ||
| Noncash interest expense | ||
| Net change in fair value of redeemable convertible preferred stock tranche obligations | ||
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | ||
| Other non-current assets | ||
| Accounts payable | ||
| Accrued clinical and research and development expenses | ||
| Accrued expenses and other current liabilities | ||
| Operating lease liabilities | ||
| Net cash used in operating activities | ||
| INVESTING ACTIVITIES | ||
| Purchases of marketable securities | ||
| Proceeds from sales and maturities of marketable securities | ||
| Purchase of property and equipment | ||
| Proceeds from sale of property and equipment | ||
| Purchase of in-process research and development | ||
| Net cash used in investing activities | ||
| FINANCING ACTIVITIES | ||
| Proceeds from issuance of common stock on initial public offering, net of commissions | ||
| Proceeds from issuance of common stock in private placement, net of issuance costs | ||
| Proceeds from issuance of convertible notes, net of issuance costs - related party | ||
| Proceeds from issuance of convertible notes, net of issuance costs | ||
| Proceeds from issuance of redeemable convertible preferred stock and tranche obligations, net of issuance costs | ||
| Proceeds from exercise of stock options | ||
| Payment of deferred initial public offering costs | ||
| Payment of "at-the-market" equity offering program costs | ||
| Payment of transaction costs for exchange of common stock for warrants | ||
| Net cash provided by financing activities | ||
| Net (decrease) increase in cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents, and restricted cash at beginning of period | ||
| Cash, cash equivalents, and restricted cash at end of period | ||
| SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Reclassification of tranche obligation asset to Series A-1 redeemable convertible preferred stock | ||
| Reclassification of tranche obligation liability to Series A-1 redeemable convertible preferred stock | ||
| Conversion of redeemable convertible preferred stock into common stock on completion of initial public offering | ||
| Exchange of common stock for pre-funded warrants | ||
| Conversion of convertible notes to shares of Series A-2 redeemable convertible preferred stock | ||
| Reclassification of shares of Series Seed redeemable convertible preferred stock to mezzanine equity | ||
| Purchase of property and equipment in accounts payable and accrued expenses and other current liabilities | ||
| In-process research and development costs in accounts payable, accrued expenses and other current liabilities, and other non-current liabilities | ||
| In-process research and development costs in accounts payable, accrued clinical and research and development expenses, and other non-current liabilities | ||
| Deferred offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities | ||
| Deferred issuance costs related to the "at-the-market" equity offering program, included in accrued expenses and other current liabilities | ||
| COMPONENTS OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||
| Cash and cash equivalents | ||
| Restricted cash |
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