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) income $ (45,724) $ 7,167
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 1,468 3,404
Share-based compensation 10,186 12,604
Impairment charges 36 0
(Gain) loss on disposal of assets 421 436
Issuance of common stock in exchange for services 259 0
Non-cash interest expense 186 249
Amortization of right-of-use assets 1,285 1,173
Loss (gain) on changes in other fair value adjustments 2,666 (258)
Loss from equity method investment 5,284 1,084
Gain from disposal of business (855) 0
Amortization of discount on note receivable (682) (695)
Gain on change in fair value of warrant liability (11,129) (29,610)
Changes in operating assets and liabilities:    
Prepaid expenses 3,331 (464)
Marketable securities (4,536) 1,990
Convertible note receivable 0 9,750
Accounts receivable 229 672
Contract asset 1,469 (1,469)
Other assets and other current assets 339 (262)
Accounts payable (737) (2,096)
Other liabilities and other current liabilities (1,762) (2,128)
Deferred revenue (26,257) (58,860)
Lease liabilities (1,320) (1,132)
Net cash used in operating activities (65,843) (58,445)
Cash flows from investing activities:    
Purchases of property, equipment and software (85) (250)
Purchases of intangibles assets (615) (25)
Proceeds from sale of equipment 66 60
Net cash used in investing activities (634) (215)
Cash flows from financing activities:    
Proceeds from employee stock purchase plan 218 249
Proceeds from offering of common stock and warrants through underwritten offering, net of issuance costs 69,980 37,025
Proceeds from issuance of common stock through ATM facility, net of issuance cost 23,933 12,308
Proceeds from offering of common stock to collaboration partners and licensees 1,031 905
Repayment of revolving credit facility 0 (22,505)
Borrowings from term loan debt facility, net of issuance costs paid to lender 0 22,468
Net cash provided by financing activities 95,162 50,450
Net increase (decrease) in cash, cash equivalents and restricted cash 28,685 (8,210)
Cash, cash equivalents, and restricted cash—beginning of period 108,468 116,678
Cash, cash equivalents, and restricted cash —end of period 137,153 108,468
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 110,823 85,899
Restricted cash 26,330 22,569
Total of cash, cash equivalents and restricted cash 137,153 108,468
Supplemental disclosures of noncash financing and investing activities:    
Property, equipment and software additions included in accounts payable, accrued expenses and other current liabilities 0 48
Intangible asset additions included in accounts payable and accrued expenses and other current liabilities 300 250
Cash paid for interest $ 1,355 $ 1,738