v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net loss $ (54,648) $ (39,827) $ (29,815)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization [note 4] 228 229 228
Stock-based compensation [note 10[c], note 10[d], note 10[e]] and note 10[f]] 8,761 5,325 3,439
Shares issued as settlement with trade vendor 0   273
Accrued interest on SVB convertible debt [note 8] 0 799 1,216
Amortization of 2024 SVB convertible term loan transaction costs [note 8] 52 23  
Accretion of discount on modification of debt [note 8]   365 430
Loss on extinguishment of 2023 SVB convertible term loan [note 8]   283  
Change in fair value of contingent consideration [note 4 and note 5] 408 621 528
Changes in operating assets and liabilities:      
Grant receivable   111 (6)
Accrued clinical liabilities (709) 797 (1,449)
Accrued compensation (1,108) 716 633
Lease obligation 0 (1) (58)
Net cash used in operating activities (49,465) (29,770) (24,479)
Financing Activities:      
Proceeds from exercise of warrants [note 10[g]] 1,385 682 227
Proceeds from employee stock purchase plan [note 10[e]] 0 178  
Taxes paid related to net share settlement of equity awards 0 (114) (220)
Proceeds from June 2025 public offering exercise of overallotment option, net of issuance costs [note 10b] 4,004    
Repayment of 2023 SVB convertible term loan [note 6 and note 8]   (18,109)  
Receipt of 2024 SVB convertible term loan less transaction costs [note 6 and note 8]   9,814  
Receipt of 2024 SVB convertible term loan second tranche [note 6 and note 8] 5,000    
Net cash provided by financing activities 51,527 48,527 15,278
Investing Activities:      
Purchase of property and equipment (3)   (21)
Loss on disposal of property and equipment (1)    
Realized gain on investments 4    
Purchase of investments (24,755) (47,887)  
Maturities of investments 30,866 26,307  
Net cash provided by (used in) investing activities 6,111 (21,580) (21)
Effect of exchange rate changes on cash 3   (3)
Net increase (decrease) in cash, cash equivalents and restricted cash 8,176 (2,823) (9,225)
Cash, cash equivalents and restricted cash at beginning of year 12,773 15,596 24,821
Cash, cash equivalents and restricted cash at end of year 20,949 12,773 15,596
Nonrelated Party [Member]      
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (1,204) (765) 1,176
Accounts payable (1,091) 1,332 (1,042)
Accrued liabilities other 25 222 (32)
Related Parties [Member]      
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (193)    
Accounts payable 8    
Accrued liabilities other 6    
November 2022 Private Placement [Member]      
Financing Activities:      
Proceeds from private placement, net of issuance costs [note 10[b]] 0   (30)
May 2023 Private Placement [Member]      
Financing Activities:      
Proceeds from private placement, net of issuance costs [note 10[b]]     $ 15,301
February 2024 Registered Direct Offering [Member]      
Financing Activities:      
Proceeds from registered direct offering, net of issuance costs 0 $ 56,076  
June 2025 Public Offering [Member]      
Financing Activities:      
Proceeds from June 2025 public offering, net of issuance costs [note 7b] $ 41,138