v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows used in operating activities    
Net loss $ (20,761) $ (10,354)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of property and equipment 27 28
Amortization of debt costs 102 87
Accretion of investment discount (81) (93)
Non-cash interest expense related to debt 833 785
Share-based compensation expense 1,351 1,512
Changes in operating assets and liabilities:    
Other receivables 323 1,795
Research and development tax credits receivable (93) (68)
Prepaid expenses (516) 816
Operating lease assets and liabilities (3) (10)
Accounts payable and accrued liabilities 4,866 (3,432)
Net cash used in operating activities (13,952) (8,934)
Cash provided by (used in) investing activities    
Acquisition of property and equipment (6)  
Acquisition of short-term investments (877) (52,514)
Redemption of short-term investments 34,466 25,500
Net cash provided by investing activities 33,583 (27,014)
Cash provided by financing activities    
Proceeds from issuance of common shares, net of issuance costs   27,538
Proceeds from issuance of pre-funded warrants, net of issuance costs   4,664
Proceeds from employee stock purchase plan 140 117
Cash provided by financing activities 140 32,319
Net increase in cash and cash equivalents 19,771 (3,629)
Cash and cash equivalents - Beginning of year 25,314 13,760
Cash and cash equivalents - End of year $ 45,085 $ 10,131