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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
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|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Acquired in-process research and development | ||
| Depreciation expense | ||
| Loss on disposal of property and equipment | ||
| Net amortization of premiums and accretion of discounts on investments | ||
| Non-cash interest expense on royalty obligation | ||
| Stock-based compensation expense | ||
| Change in fair value of convertible notes | ||
| Non-cash lease expense | ||
| Prepaid expenses and other assets | ||
| Accounts payable | ||
| Accrued expenses | ||
| Operating lease liabilities | ||
| Net cash used in operating activities | ||
| Cash flows from investing activities: | ||
| Purchases of property and equipment | ||
| Purchases of investments | ||
| Proceeds from sales and maturities of investments | ||
| Product candidate license acquisitions | ||
| Net cash used in investing activities | ||
| Cash flows from financing activities: | ||
| Proceeds from issuance of Series C convertible preferred stock, net of issuance costs | ||
| Payment of agent fees and offering costs | ||
| IPO | ||
| PIPE and ATM | ||
| Total payment of agent fees and offering costs | ||
| Proceeds from royalty obligation | ||
| Proceeds from exercise of stock options | ||
| Proceeds from issuance of common stock under employee stock purchase plan | ||
| Proceeds from issuance of common stock | ||
| IPO | ||
| Private Investment in Public Equity | ||
| 2025 ATM Program | ||
| Net cash provided by financing activities | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
| 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 disclosure of non-cash investing and financing activities: | ||
| Right-of-use assets obtained under operating lease arrangements | ||
| Equity consideration for InnoCare license, at fair value | ||
| Conversion of convertible preferred stock to common stock upon closing of initial public offering | ||
| Conversion of BMS Note into Series C convertible preferred stock | ||
| Deferred offering costs in accounts payable and accrued expenses |
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