v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (20,520) $ (15,949)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and issuance costs 97 95
Amortization of premium on short-term investments 0 (206)
Depreciation expense 210 244
Stock-based compensation expense 2,610 1,753
Non-cash lease expense 306 285
Loss from equity method investment 0 1,625
Loss on impairment of equity investment 74 0
Change in fair value of CVR liability (374) (1,390)
Change in fair value of convertible notes 0 (15,890)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 420 215
Other noncurrent assets (454) (596)
Accounts payable (2,079) (1,547)
Operating lease liability (300) (492)
Accrued expenses and other current liabilities (3,123) (4,912)
Net cash used in operating activities (23,133) (36,765)
Cash flows from investing activities:    
Purchases of property and equipment 0 (15)
Maturities of short-term investments 0 10,000
Net cash provided by investing activities 0 9,985
Cash flows from financing activities:    
Proceeds from borrowings under loan and security agreement 0 7,000
Proceeds from issuance of common stock in pre-closing financing 0 42,000
Cash acquired in connection with reverse recapitalization 0 53,158
Payment of reverse recapitalization transaction costs 0 (8,714)
Proceeds from exercise of common stock options 0 380
Net cash provided by financing activities 0 93,824
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (23,133) 67,044
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 78,612 31,264
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 55,479 98,308
Supplemental disclosure of non-cash operating, investing and financing activities:    
Interest payments on venture debt 506 338
Short-term investments acquired in connection with reverse recapitalization 0 19,905
Issuance of CVR at fair value $ 0 $ 180