v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net (loss) income $ (39,222) $ 42,005
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 78 97
Stock-based compensation expense 5,317 6,250
Non-cash issuance of common stock 250 384
Loss on issuance of warrants 75,644  
Change in fair value of convertible notes 22,911 (3,311)
Change in fair value of warrants (84,934) 14,719
Change in fair value of embedded forward purchase agreements   19,667
Loss on derivative liability 13,088  
Change in fair value of contingent consideration (3,499) (100,809)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,185 (513)
Accounts payable (4,968) 2,522
Accrued expenses and other liabilities (2,206) (1,423)
Other assets and liabilities (952) 120
Net cash used in operating activities (17,308) (20,292)
Cash flows from investing activities:    
Purchases of property and equipment (4)  
Net cash used in investing activities (4)  
Cash flows from financing activities:    
Proceeds from issuance of convertible notes   15,000
Net cash provided by financing activities 20,305 15,147
Net decrease in cash 2,993 (5,145)
Cash and cash equivalent at beginning of period 13 5,158
Cash and cash equivalent at end of period 3,006 13
Non-cash operating activities    
Settlement of liability with common shares 235  
Non-cash financing activities:    
Cashless warrant exercises 7,041  
At the market offering    
Cash flows from financing activities:    
Proceeds from issuance of shares, net 168 $ 147
Public Offering    
Cash flows from financing activities:    
Proceeds from issuance of public offering shares, net 18,346  
PIPE    
Cash flows from financing activities:    
Proceeds from issuance of shares, net $ 1,791