v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (21,299) $ (5,391)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 580 819
Accretion of investments discount (41) (199)
Amortization of debt issuance costs and discount 0 312
Change in fair value of warrant liabilities 5,249 (2,928)
Noncash operating lease expense for right-of-use asset 91 77
Offering costs for March 2026 Private Placement warrant issuance 755 0
Changes in operating assets and liabilities:    
Prepaid expenses, other current assets, deferred costs, and other (816) 765
License agreement receivable 0 537
Accounts payable 906 (199)
Accrued expenses (1,412) (1,163)
Asset Purchase Agreement payable 8,000 0
Other liabilities (114) (95)
Net cash used in operating activities (8,101) (7,465)
Cash flows from investing activities:    
Purchase of investments (3,275) 0
Maturity of investments 2,750 12,440
Net cash (used in) provided by investing activities (525) 12,440
Cash flows from financing activities:    
Proceeds from common stock and prefunded warrants from March 2026 Private Placement (Note 12) 24,020 0
Proceeds from common stock issued for restricted stock units 1 0
Payment of convertible debt 0 (14,000)
Payment of deferred offering costs 0 (110)
Proceeds from employee stock purchase plan issuances 17 26
Net cash provided by (used in) financing activities 24,038 (14,084)
Net increase (decrease) in cash, cash equivalents, and restricted cash 15,412 (9,109)
Cash, cash equivalents, and restricted cash at beginning of period 21,448 16,595
Cash, cash equivalents, and restricted cash at end of period 36,860 7,486
Supplemental cash flow information:    
Cash paid for interest 0 420
Cash received for interest 316 625
Noncash financing activities:    
Deferred offering costs included in accounts payable and accrued expenses 2,651 0
Warrant liability recognized for March 2026 Private Placement $ 4,553 $ 0