v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Cash flows from operating activities  
Net loss $ (36,938)
Adjustments to reconcile net loss to net cash used in operating activities  
Share-based compensation expense 6,569 [1]
Depreciation expense 2
Non-cash interest expense 2,185
Non-cash lease expense 23
Changes in operating assets and liabilities  
Operating lease liability 14
Prepaid expenses and other current assets (1,134)
Other assets 78
Net cash used in operating activities (27,253)
Cash flows from investing activities  
Purchases of property and equipment (140)
Net cash used in investing activities (140)
Cash flows from financing activities  
Proceeds from the Pre-Closing Financing, net 144,281
Cash acquired in connection with the reverse recapitalization 1,269
Proceeds from early exercise of options 5
Repurchase of equity awards (177)
Net cash provided by financing activities 145,378
Net increase in cash and restricted cash 117,985
Cash at beginning of period 34,766
Cash and restricted cash at end of period 152,751
Supplemental disclosure of non-cash financing activities  
Operating lease liability arising from obtaining operating right-of-use asset 1,630
Assets acquired in connection with the reverse recapitalization 1,710
Other liabilities assumed in connection with the reverse recapitalization (2,454)
Purchases of property and equipment included in accounts payable and accrued expenses 55
Pre-Closing Financing and reverse recapitalization issuance costs included in accounts payable and accrued expenses 1,274
Convertible note principal and non-cash accrued interest converted to ordinary shares 40,515
Non-cash exchange of Pre-Merger Crescent Series Seed Preferred Stock for Series A Non-Voting Convertible Preferred Shares 4,000
Nonrelated Party  
Changes in operating assets and liabilities  
Accounts payable (431)
Accrued expenses and other current liabilities 4,417 [2]
Related Party  
Adjustments to reconcile net loss to net cash used in operating activities  
Share-based compensation expense 2,035
Non-cash interest expense 865
Changes in operating assets and liabilities  
Related party accounts payable and other current liabilities $ (2,038)
[1] Includes related party amount of $2,035, which is classified as a liability, for the six months ended June 30, 2025.
[2] Includes related party amount of $865 for the six months ended June 30, 2025.