Aerovate Therapeutics Inc(NASDAQ:AVTE) 
Aerovate Therapeutics is a clinical stage biopharmaceutical company whose mission is to advance novel therapeutics and to help people with rare cardiopulmonary diseases gain control over their health, and their lives.
Website: https://www.aerovatetx.com/
Founded: 2018
IPO Price: $14 (Jun 29, 2021)
CEO: Tim Noyes
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At a glance:
Bull Thesis:
Bear Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating expenses: | |||||||||||||||||||
research and development | 28,541,000 | 22,010,000 | 22,547,000 | 1,531,000 | 10,328,000 | 21,248,000 | 20,080,000 | 17,813,000 | 16,884,000 | 16,034,000 | 13,488,000 | 12,221,000 | 10,783,000 | 8,363,000 | 7,255,000 | 5,046,000 | 3,418,000 | 4,327,000 | |
general and administrative | 6,438,000 | 5,391,000 | 5,231,000 | 3,387,000 | 4,872,000 | 7,082,000 | 4,917,000 | 4,538,000 | 4,253,000 | 4,484,000 | 4,302,000 | 4,151,000 | 3,631,000 | 3,369,000 | 3,852,000 | 3,764,000 | 3,222,000 | 2,782,000 | 1,447,000 |
total operating expenses | 34,979,000 | 27,401,000 | 27,778,000 | 3,387,000 | 6,403,000 | 17,410,000 | 26,165,000 | 24,618,000 | 22,066,000 | 21,368,000 | 20,336,000 | 17,639,000 | 15,852,000 | 14,152,000 | 12,215,000 | 11,019,000 | 8,268,000 | 6,200,000 | 5,774,000 |
income from operations | -34,979,000 | -27,401,000 | -27,778,000 | -3,387,000 | -6,403,000 | -17,410,000 | -26,165,000 | -24,618,000 | -22,066,000 | -21,368,000 | -20,336,000 | -17,639,000 | -15,852,000 | -14,152,000 | -12,215,000 | -11,019,000 | -8,268,000 | -6,200,000 | -5,774,000 |
yoy | 446.29% | 57.39% | 6.16% | -86.24% | -70.98% | -18.52% | 28.66% | 39.57% | 39.20% | 50.99% | 66.48% | 60.08% | 91.73% | 128.26% | 111.55% | ||||
qoq | 27.66% | -1.36% | 720.14% | -47.10% | -63.22% | -33.46% | 6.28% | 11.57% | 3.27% | 5.07% | 15.29% | 11.27% | 12.01% | 15.86% | 10.85% | 33.27% | 33.35% | 7.38% | |
other income: | -6,000 | -3,000 | -250 | 1,000 | |||||||||||||||
interest income | 3,085,000 | 2,254,000 | 1,828,000 | 871,000 | 1,028,000 | 1,183,000 | 1,396,000 | 1,435,000 | 1,709,000 | 1,804,000 | 1,312,000 | 1,120,000 | 932,000 | 560,000 | 230,000 | 109,000 | 47,000 | 16,000 | 2,000 |
change in fair value of convertible notes payable | -6,184,000 | ||||||||||||||||||
other expense | 20,000 | -28,000 | 1,000 | -3,000 | |||||||||||||||
total other income | -4,228,750 | 2,226,000 | 869,000 | 1,028,000 | 1,173,000 | 1,390,000 | 1,432,000 | 1,709,000 | 1,805,000 | 1,311,000 | 1,119,000 | 855,000 | 564,000 | 224,000 | 109,000 | 48,000 | 16,000 | ||
net income | -31,932,000 | -25,175,000 | -32,134,000 | -2,518,000 | -5,430,000 | -16,237,000 | -24,775,000 | -23,186,000 | -20,413,000 | -19,563,000 | -19,025,000 | -16,520,000 | -15,022,000 | -13,588,000 | -11,991,000 | -10,910,000 | |||
yoy | 488.07% | 55.05% | 29.70% | -89.14% | -73.40% | -17.00% | 30.22% | 40.35% | 35.89% | 43.97% | 58.66% | 51.42% | |||||||
qoq | 26.84% | -21.66% | 1176.17% | -53.63% | -66.56% | -34.46% | 6.85% | 13.58% | 4.34% | 2.83% | 15.16% | 9.97% | 10.55% | 13.32% | 9.91% | ||||
other comprehensive loss: | |||||||||||||||||||
currency translation adjustment | -22,000 | 18,000 | -24,000 | ||||||||||||||||
unrealized gain on investments | 122,000 | 35,000 | |||||||||||||||||
comprehensive loss | -31,832,000 | -25,122,000 | -32,158,000 | -2,573,000 | -5,549,000 | -15,930,000 | -24,825,000 | -23,456,000 | -19,953,000 | -19,585,000 | -19,047,000 | -16,255,000 | -14,717,000 | -13,574,000 | -12,132,000 | -11,495,000 | |||
net income per share | -0.11 | -0.48 | -0.86 | -0.09 | -0.19 | -0.56 | -0.86 | -0.83 | -0.74 | -0.71 | -0.76 | -0.67 | -0.61 | -0.56 | -0.49 | -0.45 | -0.07 | -0.26 | -23.8 |
weighted-average shares used for eps calculation | 31,359,958 | 39,584,489 | 28,431,158 | ||||||||||||||||
total other expense | -4,356,000 | -1,000 | |||||||||||||||||
other expense: | -2,000 | -10,000 | |||||||||||||||||
comprehensive loss: | |||||||||||||||||||
unrealized gain on securities | -55,000 | -119,000 | 307,000 | -50,000 | -270,000 | 460,000 | -22,000 | -22,000 | 265,000 | -178,000 | 14,000 | ||||||||
weighted-average shares of common stock outstanding, basic and diluted | 28,985,019 | 28,582,194 | 28,863,327 | 28,756,043 | 27,795,827 | 26,331,630 | 27,640,542 | 25,166,505 | 24,777,847 | 24,472,104 | 24,454,786 | 24,410,503 | 24,410,393 | 12,293,629 | 23,885,017 | 243,076 | |||
other income | -1,000 | -1,000 | -77,000 | 4,000 | -6,000 | ||||||||||||||
unrealized loss on securities | -141,000 | ||||||||||||||||||
net income before income taxes | -10,910,000 | ||||||||||||||||||
unrealized loss on available-for-sale investments | -585,000 | ||||||||||||||||||
change in fair value of convertible promissory notes | |||||||||||||||||||
net loss and comprehensive loss | -3,685,000 | -6,184,000 | -5,775,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets | |||||||||||||||||||
cash and cash equivalents | 88,438,000 | 50,106,000 | 220,942,000 | 44,220,000 | 33,751,000 | 31,115,000 | 31,069,000 | 9,122,000 | 23,491,000 | 32,180,000 | 60,901,000 | 26,571,000 | 22,397,000 | 22,419,000 | 27,457,000 | 28,137,000 | 54,197,000 | 180,878,000 | 59,150,000 |
investments | 247,720,000 | 148,799,000 | |||||||||||||||||
prepaid expenses and other current assets | 12,658,000 | 2,455,000 | 2,042,000 | 1,163,000 | 1,494,000 | 1,875,000 | 6,558,000 | 3,905,000 | 1,793,000 | 2,404,000 | 2,374,000 | 1,640,000 | 2,276,000 | 2,578,000 | 1,461,000 | 4,813,000 | 6,958,000 | 2,224,000 | 159,000 |
total current assets | 348,816,000 | 201,360,000 | 222,984,000 | 77,373,000 | 80,117,000 | 90,605,000 | 110,760,000 | 103,239,000 | 124,232,000 | 137,603,000 | 152,470,000 | 120,569,000 | 131,496,000 | 145,156,000 | 153,449,000 | 165,885,000 | 174,333,000 | 183,102,000 | 59,309,000 |
property and equipment | 170,000 | 176,000 | 147,000 | 2,000 | 6,000 | 14,000 | 232,000 | 260,000 | 288,000 | 316,000 | 245,000 | 267,000 | 242,000 | 330,000 | 316,000 | 288,000 | 186,000 | 162,000 | 35,000 |
operating lease right-of-use asset | 726,000 | 740,000 | 777,000 | 1,188,000 | 499,000 | 542,000 | |||||||||||||
other assets | 69,000 | 174,000 | 60,000 | ||||||||||||||||
total assets | 349,781,000 | 202,450,000 | 223,968,000 | 77,533,000 | 80,332,000 | 90,959,000 | 111,694,000 | 106,821,000 | 127,418,000 | 140,876,000 | 155,755,000 | 124,393,000 | 135,301,000 | 147,656,000 | 155,684,000 | 166,999,000 | 175,363,000 | 184,125,000 | 62,434,000 |
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||
current liabilities | |||||||||||||||||||
accounts payable | 2,151,000 | 1,350,000 | 7,586,000 | 69,000 | 224,000 | 908,000 | 4,179,000 | 3,313,000 | 2,396,000 | 3,504,000 | 5,529,000 | 4,726,000 | 2,575,000 | 4,541,000 | 2,068,000 | 2,863,000 | 1,208,000 | 2,555,000 | 3,042,000 |
accrued expenses and other current liabilities | 9,419,000 | 14,012,000 | 8,091,000 | ||||||||||||||||
related party accrued expenses and other current liabilities | 4,969,000 | 2,048,000 | 2,380,000 | ||||||||||||||||
warrant liability, related party | 4,947,000 | 3,563,000 | |||||||||||||||||
total current liabilities | 16,539,000 | 22,357,000 | 21,620,000 | 2,417,000 | 3,828,000 | 10,315,000 | 17,020,000 | 15,518,000 | 17,637,000 | 14,725,000 | 13,284,000 | 10,637,000 | 7,782,000 | 7,705,000 | 3,756,000 | 4,703,000 | 2,550,000 | 3,825,000 | 4,193,000 |
long-term liabilities | |||||||||||||||||||
convertible notes payable | |||||||||||||||||||
long-term lease liability | 724,000 | 747,000 | 792,000 | ||||||||||||||||
total liabilities | 17,263,000 | 23,104,000 | 22,412,000 | 2,487,000 | 3,898,000 | 10,466,000 | 17,296,000 | 15,917,000 | 17,962,000 | 15,153,000 | 13,829,000 | 11,298,000 | 8,558,000 | 8,518,000 | 4,631,000 | 5,052,000 | 2,945,000 | 4,277,000 | |
commitments and contingencies | |||||||||||||||||||
series seed convertible preferred stock, 0.0001 par value... | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
series a non-voting convertible preferred stock, 0.0001 par value... | 2,000 | 2,000 | 2,000 | ||||||||||||||||
common stock, 0.0001 par value... | 5,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
additional paid-in capital | 506,771,000 | 321,769,000 | 318,857,000 | 310,563,000 | 309,378,000 | 307,888,000 | 305,863,000 | 277,544,000 | 272,640,000 | 268,926,000 | 265,594,000 | 217,717,000 | 215,110,000 | 212,788,000 | 211,129,000 | 209,891,000 | 208,867,000 | 208,015,000 | 407,000 |
accumulated other comprehensive income | 129,000 | 29,000 | -83,000 | -33,000 | 237,000 | ||||||||||||||
accumulated deficit | -174,389,000 | -142,457,000 | -117,282,000 | -235,570,000 | -233,052,000 | -227,622,000 | -211,385,000 | -186,610,000 | -163,424,000 | -143,011,000 | -123,448,000 | -104,423,000 | -87,903,000 | -72,881,000 | -59,293,000 | -47,302,000 | -36,392,000 | -28,169,000 | -21,985,000 |
total stockholders’ equity | 332,518,000 | 179,346,000 | 201,556,000 | 75,046,000 | 76,434,000 | 80,493,000 | 94,398,000 | 90,904,000 | 109,456,000 | 125,723,000 | 141,926,000 | 113,095,000 | 126,743,000 | 139,138,000 | 151,053,000 | 161,947,000 | 172,418,000 | 179,848,000 | |
total liabilities, convertible preferred stock and stockholders’ equity | 349,781,000 | ||||||||||||||||||
current assets: | |||||||||||||||||||
liabilities, convertible preferred stock and stockholders' equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
long-term liabilities: | |||||||||||||||||||
total liabilities, series seed convertible preferred stock and stockholders' equity | 202,450,000 | 223,968,000 | |||||||||||||||||
accumulated other comprehensive loss | -24,000 | -195,000 | -223,000 | -201,000 | -466,000 | -771,000 | -785,000 | -644,000 | -59,000 | ||||||||||
short-term investments | 31,990,000 | 44,872,000 | 57,615,000 | 73,133,000 | 90,212,000 | 98,948,000 | 103,019,000 | 89,195,000 | 92,358,000 | 106,823,000 | 120,159,000 | 124,531,000 | 132,935,000 | 113,178,000 | |||||
operating lease right-of-use assets | 158,000 | 209,000 | 259,000 | 621,000 | 725,000 | 614,000 | 713,000 | 811,000 | 908,000 | 1,003,000 | 1,094,000 | 583,000 | |||||||
liabilities and stockholders’ equity | |||||||||||||||||||
accrued and other current liabilities | 2,036,000 | 3,187,000 | 8,948,000 | 12,366,000 | 11,760,000 | 14,821,000 | 10,770,000 | 7,376,000 | 5,538,000 | 4,822,000 | 2,785,000 | 1,341,000 | 1,647,000 | 1,150,000 | 1,123,000 | 1,151,000 | |||
operating lease liabilities | 312,000 | 417,000 | 459,000 | 475,000 | 445,000 | 420,000 | 451,000 | 379,000 | 373,000 | 385,000 | 379,000 | 147,000 | |||||||
other liabilities | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 69,000 | 70,000 | 71,000 | 13,000 | 13,000 | 14,000 | 13,000 | |||||
stockholders’ equity: | |||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||
accumulated other comprehensive gain | 50,000 | 105,000 | 224,000 | ||||||||||||||||
total liabilities and stockholders’ equity | 77,533,000 | 80,332,000 | 90,959,000 | 111,694,000 | 106,821,000 | 127,418,000 | 140,876,000 | 155,755,000 | 124,393,000 | 135,301,000 | 147,656,000 | 155,684,000 | 166,999,000 | ||||||
other long-term assets | 81,000 | 81,000 | 2,597,000 | 2,284,000 | 2,244,000 | 2,229,000 | 2,649,000 | 2,560,000 | 1,076,000 | 731,000 | 327,000 | 302,000 | 278,000 | 3,090,000 | |||||
operating lease liabilities, net of current portion | 81,000 | 206,000 | 329,000 | 255,000 | 358,000 | 476,000 | 591,000 | 705,000 | 800,000 | 862,000 | 335,000 | 382,000 | 452,000 | ||||||
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operating lease liability | 347,000 | 193,000 | 192,000 | ||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | |||||||||||||||||||
series a redeemable convertible preferred stock, 0.0001 par value... | |||||||||||||||||||
series seed redeemable convertible preferred stock, 0.0001 par value... | |||||||||||||||||||
temporary equity value | |||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 175,363,000 | 184,125,000 | |||||||||||||||||
redeemable convertible preferred stock | |||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' deficit | |||||||||||||||||||
40,052,154 shares authorized at june 30, 2021 and december 31, 2020; 40,052,154 and | |||||||||||||||||||
6,489,534 shares issued and outstanding at june 30, 2021 and december 31, 2020, | |||||||||||||||||||
respectively; aggregate liquidation preference of 75,819 at june 30, 2021 | 75,819,000 | ||||||||||||||||||
4,000,000 shares authorized, issued and outstanding at june 30, 2021 and | |||||||||||||||||||
december 31, 2020; aggregate liquidation preference of 4,000 at june 30, 2021 | 4,000,000 | ||||||||||||||||||
stockholders' deficit: | |||||||||||||||||||
december 31, 2020, respectively; 243,076 shares issued and outstanding at | |||||||||||||||||||
june 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
total stockholders' deficit | -21,578,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ deficit | 62,434,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||
net loss | -31,932,000 | -25,175,000 | -67,785,000 | -2,518,000 | -5,430,000 | -20,413,000 | -8,223,000 | -6,184,000 | ||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
change in fair value of convertible notes payable | 0 | 0 | ||||||||||||||||
stock-based compensation expense | 1,185,000 | 1,243,000 | 2,003,000 | 3,865,000 | 4,200,000 | 3,251,000 | 3,237,000 | 3,034,000 | 2,384,000 | 1,729,000 | 1,499,000 | 1,224,000 | 1,024,000 | |||||
non-cash lease expense | 26,000 | -17,000 | ||||||||||||||||
accretion/amortization on investments | -610,000 | |||||||||||||||||
depreciation expense | 9,000 | 12,000 | 3,000 | |||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
prepaid expenses and other current assets | -10,198,000 | -413,000 | -1,689,000 | 331,000 | 381,000 | 4,683,000 | -2,653,000 | -2,112,000 | 611,000 | -30,000 | -734,000 | 636,000 | 302,000 | -1,118,000 | 3,364,000 | 2,129,000 | -4,734,000 | -2,065,000 |
other assets | ||||||||||||||||||
accounts payable | 301,000 | -4,878,000 | 5,093,000 | -155,000 | -684,000 | -3,271,000 | 948,000 | 835,000 | -1,044,000 | -2,014,000 | 773,000 | 2,121,000 | -1,749,000 | 2,242,000 | -712,000 | 1,587,000 | -1,045,000 | 1,091,000 |
accrued expenses and other current liabilities | -3,496,000 | 4,578,000 | ||||||||||||||||
operating lease liabilities | -28,000 | |||||||||||||||||
related party accrued expenses and other current liabilities | 2,921,000 | -332,000 | ||||||||||||||||
net cash from operating activities | -33,649,000 | -22,124,000 | -36,535,000 | -2,381,000 | -11,047,000 | -16,043,000 | -20,433,000 | -23,673,000 | -14,800,000 | -15,611,000 | -14,943,000 | -11,424,000 | -14,865,000 | -9,720,000 | -8,876,000 | -5,661,000 | -13,093,000 | -6,526,000 |
capital expenditures | -3,000 | -57,000 | 0 | 0 | 0 | 0 | 0 | -64,000 | -32,000 | -30,000 | 14,000 | -4,000 | -33,000 | -130,000 | 57,000 | -98,000 | -56,000 | |
free cash flows | -33,652,000 | -22,181,000 | -36,535,000 | -2,381,000 | -11,047,000 | -16,043,000 | -20,433,000 | -14,864,000 | -15,643,000 | -14,973,000 | -11,410,000 | -14,869,000 | -9,753,000 | -9,006,000 | -5,604,000 | -13,191,000 | -6,582,000 | |
cash flows from investing activities: | ||||||||||||||||||
purchases of investments | -112,602,000 | |||||||||||||||||
proceeds from sales/maturities of investments | ||||||||||||||||||
payment of security deposit | 28,000 | |||||||||||||||||
purchases of property and equipment | -3,000 | -57,000 | -64,000 | -32,000 | -30,000 | -16,000 | -4,000 | -33,000 | -130,000 | -28,000 | -85,000 | -56,000 | ||||||
net cash from investing activities | -98,162,000 | -148,708,000 | -12,986,000 | 12,850,000 | 13,129,000 | 16,067,000 | 18,000,000 | 8,833,000 | 5,648,000 | -13,130,000 | 3,983,000 | 15,375,000 | 14,486,000 | 4,645,000 | 8,194,000 | -20,399,000 | -113,338,000 | -56,000 |
cash flows from financing activities: | ||||||||||||||||||
proceeds from issuance of convertible notes payable | ||||||||||||||||||
payment of deferred offering costs | ||||||||||||||||||
proceeds from the pre-closing financing, net of 15,889 offering costs | ||||||||||||||||||
proceeds from the december 2025 pipe financing, net of 257 offering costs | ||||||||||||||||||
proceeds from the october 2025 pipe financing, net of 8,626 offering costs | ||||||||||||||||||
proceeds from stock option exercises | ||||||||||||||||||
proceeds from espp issuances | ||||||||||||||||||
cash acquired in connection with the reverse recapitalization | 0 | 0 | ||||||||||||||||
net cash from financing activities | 170,160,000 | 0 | 554,000 | 22,000 | 24,380,000 | 471,000 | 463,000 | 20,000 | 45,290,000 | 223,000 | 357,000 | 37,000 | -250,000 | 128,310,000 | ||||
effect of exchange rates on cash and cash equivalents | ||||||||||||||||||
net increase in cash and cash equivalents | 38,332,000 | -170,836,000 | 141,087,000 | 10,469,000 | 2,636,000 | 46,000 | 21,947,000 | -14,369,000 | -8,689,000 | -28,721,000 | 34,330,000 | 4,174,000 | -22,000 | -26,060,000 | ||||
cash and cash equivalents at beginning of period | 0 | 0 | ||||||||||||||||
cash and cash equivalents at end of period | 38,332,000 | -170,836,000 | ||||||||||||||||
supplemental disclosure of non-cash operating and financing activities: | ||||||||||||||||||
unpaid offering costs | ||||||||||||||||||
deferred offering costs reclassified from other assets to equity | 0 | 0 | ||||||||||||||||
operating lease liability arising from obtaining right-of-use asset | 0 | 0 | ||||||||||||||||
assets acquired in connection with the reverse recapitalization | ||||||||||||||||||
other liabilities assumed in connection with the reverse recapitalization | 0 | 0 | ||||||||||||||||
reclassification of warrant liability | ||||||||||||||||||
convertible note principal and non-cash accrued interest converted to common stock | ||||||||||||||||||
non-cash exchange of pre-merger jade series seed convertible preferred stock for company series a non-voting convertible preferred stock | ||||||||||||||||||
stock-based compensation | 4,295,000 | |||||||||||||||||
proceeds from the pre-closing financing, net of 14,548 of offering costs | 0 | |||||||||||||||||
effect on exchange rates on cash and cash equivalents | ||||||||||||||||||
supplemental disclosure of non-cash operating, investing, and financing activities: | ||||||||||||||||||
unpaid deferred offering costs | ||||||||||||||||||
deferred offering costs in accrued expenses and other current liabilities | ||||||||||||||||||
deferred offering costs in accounts payable | ||||||||||||||||||
prepaids and other current assets acquired in connection with the reverse recapitalization | 0 | |||||||||||||||||
convertible note principal and non-cash accrued interest converted to common stock and pre-funded warrants | 0 | |||||||||||||||||
non-cash exchange of series seed convertible preferred stock for company series a non-voting convertible preferred stock | 0 | |||||||||||||||||
purchases of property and equipment in accounts payable | 30,000 | 85,000 | -13,000 | |||||||||||||||
cash flow from operating activities: | ||||||||||||||||||
depreciation and amortization expense | 4,000 | 8,000 | 218,000 | 28,000 | 28,000 | 28,000 | 25,000 | 22,000 | 21,000 | 20,000 | 20,000 | 17,000 | 11,000 | |||||
accretion of discounts and amortization of premiums on investments | -225,000 | -336,000 | -461,000 | -692,000 | -759,000 | -939,000 | -808,000 | -639,000 | -671,000 | -586,000 | -292,000 | -61,000 | 29,000 | |||||
other long-term assets | -226,000 | -1,721,000 | 2,508,000 | 2,000 | -40,000 | -15,000 | 34,000 | -89,000 | -1,465,000 | 21,000 | -403,000 | -25,000 | -24,000 | -204,000 | ||||
accrued and other liabilities | -1,151,000 | -5,761,000 | -1,697,000 | 606,000 | -3,061,000 | 4,051,000 | 3,394,000 | 1,838,000 | 716,000 | 2,037,000 | 1,444,000 | -306,000 | 497,000 | |||||
operating lease assets and liabilities | -54,000 | -329,000 | 221,000 | 11,000 | -12,000 | -35,000 | 52,000 | -12,000 | -31,000 | 2,000 | 52,000 | |||||||
other liabilities | 202,000 | -169,000 | 219,000 | -279,000 | 392,000 | -270,000 | 111,000 | -234,000 | 9,000 | |||||||||
cash flow from investing activities: | ||||||||||||||||||
purchases of short-term investments | 0 | -4,933,000 | 0 | -14,750,000 | -27,788,000 | -47,848,000 | -32,737,000 | -15,609,000 | -50,260,000 | -25,572,000 | -38,901,000 | -32,890,000 | ||||||
maturities of short-term investments | 12,850,000 | 13,129,000 | 21,000,000 | 18,000,000 | 23,583,000 | 33,500,000 | 34,750,000 | 36,750,000 | 31,000,000 | |||||||||
cash flow from financing activities: | ||||||||||||||||||
payments for offering costs | 0 | 0 | -74,000 | -233,000 | 0 | -75,000 | ||||||||||||
proceeds from issuance of common stock upon exercise of stock options | 247,000 | 22,000 | 511,000 | 704,000 | 335,000 | 95,000 | ||||||||||||
cash and cash equivalents at the beginning of the year | 33,751,000 | 0 | 0 | 0 | 23,491,000 | 0 | 0 | 0 | 22,397,000 | 0 | 0 | 0 | 54,197,000 | 0 | 0 | |||
cash and cash equivalents at the end of the period | 44,220,000 | 2,636,000 | 46,000 | 21,947,000 | 9,122,000 | -8,689,000 | -28,721,000 | 34,330,000 | 26,571,000 | -22,000 | -5,038,000 | -680,000 | 28,137,000 | -126,681,000 | 121,728,000 | |||
supplemental disclosure of noncash investing and financing activities: | ||||||||||||||||||
right-of-use asset obtained in exchange for operating lease liability | 0 | 0 | 0 | 206,000 | 0 | 0 | -41,000 | |||||||||||
deferred offering costs included in accounts payable | 82,000 | 104,000 | -134,000 | 148,000 | -1,651,000 | |||||||||||||
impairment of right-of-use asset | ||||||||||||||||||
proceeds from sale of common stock in connection with atm | 307,000 | 0 | 0 | 0 | ||||||||||||||
proceeds from issuance of common stock under espp | 0 | 0 | 128,000 | 0 | ||||||||||||||
purchases of property and equipment in accounts payable and accrued liabilities | ||||||||||||||||||
net income | -24,775,000 | -23,186,000 | -19,025,000 | -16,520,000 | -15,022,000 | -13,588,000 | -11,991,000 | -10,910,000 | ||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
| ||||||||||||||||||
offering costs included in accounts payable | ||||||||||||||||||
proceeds from exercise of stock options | 223,000 | 443,000 | ||||||||||||||||
sales and maturities of short-term investments | 64,750,000 | 30,250,000 | 47,225,000 | 12,519,000 | ||||||||||||||
proceeds from sale of series a redeemable convertible preferred stock, net of issuance costs | 0 | 0 | ||||||||||||||||
payments for deferred offering costs | -236,000 | |||||||||||||||||
proceeds from issuance of common stock, net of issuance costs | -250,000 | |||||||||||||||||
conversion of redeemable convertible preferred stock to common stock upon initial public offering | ||||||||||||||||||
net increase in cash | -126,681,000 | 121,728,000 | ||||||||||||||||
operating lease asset and liability | -3,000 | 16,000 | ||||||||||||||||
adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||
non-cash interest expense | ||||||||||||||||||
change in fair value of convertible promissory notes to related party | ||||||||||||||||||
proceeds from issuance of convertible promissory notes to related party | ||||||||||||||||||
conversion of convertible promissory notes to related party to series a redeemable convertible preferred stock | ||||||||||||||||||
stock based compensation expense | 845,000 | |||||||||||||||||
accrued and other current liabilities | -28,000 |