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FY2025
12 months to Dec 31, 2025
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|---|---|
| Operating activities: | |
| Net loss | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| Credit loss - related party accounts receivable | |
| Stock-based compensation expense | |
| Non-cash lease expense | |
| Unrealized loss on short-term investments | |
| Amortization of discount on short-term investments | |
| Depreciation expense | |
| Changes in operating assets and liabilities: | |
| Prepaid expenses and other assets | |
| Accounts payable | |
| Accrued liabilities | |
| Operating lease liability | |
| Net cash used in operating activities | |
| Investing activities: | |
| Purchases of short-term investments | |
| Maturities/sales of short-term investments | |
| Purchases of property and equipment | |
| Net cash used in investing activities | |
| Financing activities: | |
| Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts | |
| Financing costs paid in connection with initial public offering | |
| Proceeds from sale and issuance of Series C convertible preferred stock | |
| Financing costs paid in connection with issuance of Series C convertible preferred stock | |
| Proceeds from exercises of common stock options | |
| Proceeds from issuance of common stock under employee stock purchase plan | |
| Costs paid in connection with deferred financing costs | |
| Net cash provided by financing activities | |
| Net (decrease) increase in cash and cash equivalents | |
| Cash and cash equivalents at beginning of year | |
| Cash and cash equivalents at end of year | |
| Supplemental Cash Flow Information | |
| Operating right-of-use assets in exchange for operating lease liability | |
| Early exercise options and unvested stock liability | |
| Deferred financing costs included in accounts payable and accrued expenses | |
| Conversion of convertible preferred stock into common stock upon initial public offering |
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