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 $ (18,214) $ (29,397)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 95 95
Stock-based compensation expense 1,399 319
Change in fair value of Convertible Notes (7,810) 1,807
Non-cash lease expense 72 76
Accretion of net discounts on short-term investments (200)  
Interest accrued on Convertible Notes 651 154
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (308) 3,167
Accounts payable and accrued expenses 919 5,567
Operating lease liabilities (103) (93)
Net cash used in operating activities (23,499) (18,305)
Cash flows from investing activities:    
Purchases of short-term investments (31,486)  
Maturities of short-term investments 21,402  
Net cash used in investing activities (10,084)  
Cash flows from financing activities:    
Cash acquired in connection with the Merger 24,992  
Payments for Merger transaction costs (2,821) (1,303)
Proceeds from Convertible Notes   28,298
Proceeds from exercise of stock options 532 5
Net cash provided by financing activities 22,703 27,000
Net (decrease) increase in cash and cash equivalents (10,880) 8,695
Cash and cash equivalents - beginning of year 31,614 22,919
Cash and cash equivalents - end of year 20,734 31,614
Non-cash investing and financing activities    
Merger transaction costs included in accounts payable and accrued expenses   $ 1,508
Conversion of redeemable convertible preferred stock to common stock 85,503  
Conversion of Convertible Notes to common stock $ 23,100