v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income (loss) $ 20,575,000 $ (128,126,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development   117,464,000
Change in fair value of warrant liability (26,659,000)  
Depreciation and amortization 2,000 8,000
Stock-based compensation 266,000 713,000
Changes in assets and liabilities:    
Receivables 442,000  
Prepaid expenses and other current assets 882,000 54,000
Accounts payable (3,605,000) 555,000
Accrued expenses and other current liabilities (528,000) (4,831,000)
Deferred revenue (2,791,000) (113,000)
Net cash used in operating activities (11,416,000) (14,276,000)
Investing activities:    
Cash paid for acquisition, net of cash acquired   (3,648,000)
Net cash used in investing activities   (3,648,000)
Financing activities:    
Proceeds from sale of common stock pursuant to the ATM 3,379,000  
Proceeds from sale of common stock with the private placement, net of expenses   13,999,000
Payment of offering costs (287,000)  
Proceeds from exercised prefunded warrants 16,000  
Net cash provided by financing activities 3,108,000 13,999,000
Effect of foreign currency translation on cash 51,000 (10,000)
Net decrease in cash and cash equivalents (8,257,000) (3,935,000)
Cash and cash equivalents at beginning of period 21,338,000 20,821,000
Cash and cash equivalents at end of period 13,081,000 $ 16,886,000
Supplemental disclosure of cash flow information:    
Deferred offering costs in accounts payable 178,000  
Reclassification of warrant liability upon exercise of prefunded warrants and amended warrant agreements $ 15,827,000