v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (22,386) $ (12,978)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 445 872
Accretion of discount on short-term investments (9) (111)
Noncash financing expenses 3,061 3,545
Change in fair value of derivative instruments 2,631 (5,654)
Stock compensation expense 1,540 550
Gain on sale of assets (16)  
Increases (decreases) in cash caused by changes in operating assets and liabilities:    
Grant receivable 249 (571)
Other assets (763) 218
Accounts payable and accrued expenses (5,620) 4,702
Other liabilities 159  
Change in operating lease liabilities (66) (130)
Deferred grant liability   (997)
Net cash used in operating activities (20,775) (10,554)
Cash flows from investing activities:    
Purchases of property and equipment (67) (146)
Proceeds from sale of property and equipment 30  
Purchases of intangible assets   (545)
Purchases of short-term investments (9,353) (15,590)
Proceeds from redemption of short-term investments 3,768  
Proceeds from sales of short-term investments 4,768 12,170
Net cash used in investing activities (854) (4,111)
Cash flows from financing activities:    
Principal payments of term loan obligation   (3,996)
Proceeds from credit facility 750 3,292
Repayment of credit facility (3,292)  
Payment of financing costs (2,250)  
Proceeds from issuance of notes payable and warrants 3,738  
Repayment of notes payable (3,703)  
Proceeds from sale of common stock, pre-funded warrants, and warrants 15,926 7,265
Proceeds from sale of common stock under Lincoln Park Purchase Agreement 22,615  
Payment to investors pursuant to Letter Agreement (3,242)  
Offering costs for sale of common stock (231)  
Purchase of treasury stock   (374)
Net cash provided by financing activities 30,311 6,187
Net increase (decrease) in cash and cash equivalents 8,682 (8,478)
Cash, cash equivalents, and restricted cash at beginning of period 76 8,554
Cash, cash equivalents, and restricted cash at end of period 8,758 76
Cash paid during period for:    
Interest   $ 32
Supplemental schedule of non-cash investing and financing activities:    
Unpaid offering cost 252  
Unpaid liability to investors pursuant to Letter Agreement 4,502  
Exchange of warrants for notes payable 3,694  
Redemption of notes by issuance of common stock, pre-funded warrants and warrants 3,512  
Right-of-use assets acquired by assuming operating lease liabilities $ 62