v3.25.4
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (26,442) $ (19,000)
Adjustments to reconcile loss to net cash used in operating activities:    
Cost of share-based payments 6,032 4,858
Changes in operating assets and liabilities:    
Increase in other current assets (1) (15)
Increase/(decrease) in accounts payable 3,776 (273)
(Decrease)/increase in accrued liabilities (725) 425
Increase in employee compensation and benefits 1,351 1,758
Net cash used in operating activities (16,009) (12,247)
CASH FLOWS FROM INVESTING ACTIVITIES    
Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES    
Net cash provided by financing activities 29,110 11,654
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 13,101 (593)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,533 19,126
CASH AND CASH EQUIVALENTS AT END OF PERIOD 31,634 18,533
At-the-Market    
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 15,685 12,036
Issuance costs (548) $ (382)
Public offering    
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 15,525  
Issuance costs $ (1,552)