v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (17,656) $ (6,708)  
Adjustments to reconcile net loss income to net cash used in operating activities:      
Non-cash interest expense - royalty agreement 2,569 1,748  
Non-cash interest expense - convertible note   29  
Change in fair value of derivative liabilities - royalty agreement 193 329  
Stock-based compensation 2,527 363  
Costs to issue convertible notes 0 108  
Change in operating assets and liabilities:      
Accounts receivable 358 0  
Prepaid expenses and other current assets 960 (109)  
Accounts payable 1,240 510  
Accrued expenses and other current liabilities (2,393) 1,025  
Net cash used in operating activities (12,202) (2,705) $ (10,800)
CASH FLOWS FROM FINANCING ACTIVITIES      
Payment of transaction costs in connection with Reverse Merger (1,269) 0  
Proceeds from issuance of convertible notes payable 0 10,000  
Payment of transaction costs to issue convertible notes 0 (108)  
Proceeds from exercise of stock options 416 0  
Net cash used in financing activities (853) 9,892  
Effect of exchange rate change on cash and cash equivalents (114) 0  
Net decrease in cash and cash equivalents (13,169) 7,187  
Cash and cash equivalents at beginning of period 83,602 7,350 7,350
Cash and cash equivalents at end of period $ 70,433 $ 14,537 $ 83,602