v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss before noncontrolling interest $ (31,080) $ (22,705) $ (25,966)
Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating activities:      
Depreciation expense 16 89 90
Loss on disposal of property and equipment 6 0 0
Loss from G42 Promissory Note early redemption 0 0 313
Non-cash interest income 0 0 (100)
Share-based compensation expense 3,775 2,757 1,578
Realized gain on sale of investment in Reneo Pharmaceuticals, Inc. 0 0 (3,061)
Impairment of investments in Anteris Bio, Inc. 0 0 4,245
Changes in assets and liabilities:      
Prepaid expenses 449 (216) 1,551
Other current assets (43) 60 (37)
Other assets 125 119 105
Accounts payable and accrued expenses 1,530 (5,215) 2,929
Contract liabilities 0 (17) 0
Other liabilities (169) (169) (154)
Net cash used in operating activities (25,255) (25,307) (19,081)
Cash flows from investing activities:      
Proceed from sale of investments in Reneo Pharmaceuticals, Inc. 0 0 4,404
Net cash provided by (used in) investing activities 0 0 4,404
Cash flows from financing activities:      
Proceeds from sale of Class A common stock, pre-funded and common warrants, net of offering costs 77,476 0 0
Proceeds from sale of Class A common stock and pre-funded warrants, net of offering costs 0 50,335 0
Proceeds from issuance of Class A common stock, net of offering costs 0 2,463 0
Proceeds from sale of Class A common stock to collaboration partner, net of offering costs 0 0 12,030
Proceeds from the exercise of stock options 16 0 0
Taxes paid related to net share settlement of equity awards (51) 0 0
Proceeds from debt issuance 392 0 566
Repayment of notes payable (392) (191) (599)
Net cash provided by financing activities 77,441 52,607 11,997
Net increase (decrease) in cash, cash equivalents 52,186 27,300 (2,680)
Total cash and cash equivalents, beginning of year 36,746 9,446 12,126
Total cash and cash equivalents, end of year 88,932 36,746 9,446
Supplemental cash flow information:      
Cash paid for interest 6 2 14
Cash paid for income taxes 0 100 0
Non-cash activities:      
Change in redemption value of noncontrolling interest 0 (214) (4,732)
Reclassification of noncontrolling interest to additional paid-in capital 2,004 5,260 0
Related Party      
Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating activities:      
Change in fair value of warrants 27 150 (574)
Nonrelated Party      
Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating activities:      
Change in fair value of warrants $ 109 $ (160) $ 0