v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss $ (49,591) $ (57,532)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,399 3,362
Depreciation 53 10
Fair value change in warrant and other derivative liabilities 11,515 (72)
Warrant Financing costs 1,337 0
Non-cash interest 129 0
Non-cash share issuances 57 0
Unrealized loss from short-term investments 2 13
Acquired in-process research and development 0 28,000
Gain in connection with asset acquisition 0 (2,447)
Change in assets and liabilities:    
Accounts receivable 1,568 (2,637)
Contract assets and unbilled receivables 1,039 (802)
Prepaid expenses and other assets (1,273) 634
Accounts payable 7 220
Accrued expenses and other liabilities (3,495) 5,675
Net cash used in operating activities (35,253) (25,576)
Investing activities    
Cash received in connection with asset acquisition 0 1,210
Net cash provided by investing activities 0 1,210
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants in connection with the registered direct offering 22,999 0
Proceeds from issuance of common stock and pre-funded warrants in connection with the March 2025 offering and March 2025 private placement 5,980 0
Proceeds from issuance of warrants in connection with the March 2025 offering and March 2025 private placement 15,520 0
Proceeds from issuance of common stock 5,805 4,497
Issuance costs attributed to equity instruments (2,301) (232)
Proceeds from funding agreement, related party 1,000 0
Share repurchases for the payment of employee taxes (152) (79)
Exercise of warrants 820 0
Exercise of stock options 352 0
Net cash provided by financing activities 50,023 4,186
Net increase (decrease) in cash and cash equivalents 14,770 (20,180)
Cash and cash equivalents at beginning of period 30,321 50,501
Cash and cash equivalents at end of period 45,091 30,321
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental non-cash investing and financing transactions:    
Common stock and Series A preferred stock issued in connection with the asset acquisition 0 25,808
Net liabilities assumed in connection with asset acquisition 0 955
Conversion of Series A preferred stock into common stock 18,843 0
Reclass of warrant liabilities to equity upon exercise 1,052 0
Change in unpaid issuance costs $ 24 $ 163