v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Operating activities    
Net loss $ (78,259) $ (35,129)
Adjustments to reconcile net loss used in operating activities:    
Depreciation and amortization 344 169
Stock-based compensation 13,621 5,852
Accretion of available-for-sale investments, net (690) 0
Change in fair value of derivative liability 9,520 2,930
Acquired in-process research and development 0 27,641
Excess of initial warrant fair value over private placement proceeds 0 79,276
Change in fair value of warrant liability 0 (121,611)
Transaction costs paid pursuant to private placement 0 7,485
Transaction costs paid upon exercise of warrants issued in private placement 0 1,734
Contingent consideration paid pursuant to AlmataBio Transaction 0 (12,500)
Lease early termination fee 0 (309)
Deferred taxes 165 114
Changes in assets and liabilities:    
Other receivables 0 (475)
Prepaid expenses and other assets (2,588) (2,871)
Accounts payable (146) (163)
Accrued expenses and other liabilities, excluding lease liability 6,662 (1,111)
Lease liability, net (87) (88)
Net cash used in operating activities (51,458) (49,056)
Investing activities    
Purchase of investments (113,720) 0
Maturities of investments 32,000 0
Cash assumed from AlmataBio Transaction 0 356
Net cash (used in) provided by investing activities (81,720) 356
Financing activities    
Proceeds from sale of common stock pursuant to ATM Program 14,762 0
Transaction costs paid pursuant to ATM Program (462) 0
Proceeds from exercise of stock options 774 0
Proceeds from issuance of common stock under employee stock purchase plan, net of cash paid related to withholding shares to satisfy tax withholding obligations 23 68
Cash paid related to withholding shares to satisfy RSU tax withholding obligations (510) 0
Proceeds from private placement investment, gross 0 115,625
Transaction costs paid pursuant to private placement 0 (7,485)
Proceeds from exercise of warrants issued in private placement, gross 0 69,375
Transaction costs paid upon exercise of warrants issued in private placement 0 (1,734)
Net cash provided by financing activities 14,587 175,849
(Decrease) increase in cash, cash equivalents, and restricted cash (118,591) 127,149
Cash, cash equivalents, and restricted cash at beginning of period 134,696 7,547
Cash, cash equivalents, and restricted cash at end of period 16,105 134,696
Supplemental disclosures of non-cash activities    
Issuance of common stock and Series C Preferred Stock pursuant to AlmataBio Transaction 0 12,272
Remeasurement of lease 0 (312)
Cash and cash equivalents 15,858 134,546
Restricted cash, current 37 19
Restricted cash, non-current 210 131
Total cash, cash equivalents and restricted cash $ 16,105 $ 134,696