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FY2025
12 months to Dec 31, 2025
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|---|---|
| Operating activities | |
| Net (loss) income | |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |
| Depreciation expense | |
| Stock-based compensation expense | |
| Non-cash lease expense | |
| Accretion of discounts on marketable securities, net | |
| Other items, net | |
| Changes in operating assets and liabilities: | |
| Prepaid expenses and other current assets | |
| Other assets | |
| Accounts payable | |
| Accrued expenses and other liabilities | |
| Operating lease liabilities | |
| Net cash (used in) provided by operating activities | |
| Investing activities | |
| Purchases of marketable securities | |
| Maturities of marketable securities | |
| Purchases of property and equipment | |
| Net cash used in investing activities | |
| Financing activities | |
| Proceeds from initial public offering, net of offering costs paid | |
| Proceeds from private placement, net of offering costs paid | |
| Proceeds from exercise of stock option awards, net of repurchases | |
| Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan | |
| Payment of success fee derivative | |
| Proceeds from exercise of pre-funded 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 year | |
| Cash, cash equivalents and restricted cash at end of year | |
| Supplemental disclosure of non-cash investing and financing activities | |
| Purchases of property and equipment recorded in accounts payable and accrued expenses | |
| Offering costs recorded in accounts payable and accrued expenses | |
| Reconciliation to cash, cash equivalents and restricted cash: | |
| Cash and cash equivalents | |
| Restricted cash |
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