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 $ (41,715) $ (17,434)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Non-cash interest expense - royalty agreement 5,818 3,887
Non-cash interest expense - convertible notes 0 430
Change in fair value of derivative liabilities - royalty agreement 394 633
Change in fair value of derivative liabilities - contingent value right liability 218 1,978
Change in fair value of convertible notes payable 0 (1,100)
Stock-based compensation 6,401 830
Non-cash lease operating expense 62 0
Costs to issue convertible notes 0 129
Change in operating assets and liabilities:    
Accounts receivable 387 0
German research and development tax credit receivable 2,105 (1,978)
Prepaid expenses and other current assets 1,364 (1,503)
Account payable 1,260 2,238
Accrued expenses and other current liabilities (1,300) 1,050
Net cash used in operating activities (25,006) (10,840)
Cash flows from financing activities    
Cash acquired from Reverse Merger transaction 0 13,800
Payment of transaction costs in connection with Reverse Merger (1,269) (2,474)
Proceeds from PIPE Financing 0 60,001
Payments of transaction costs associated with PIPE Financing 0 (2,542)
Proceeds from issuance of convertible notes 0 18,433
Payment of transaction costs to issue convertible notes 0 (129)
Proceeds from exercise of stock options 763 0
Deferred equity issuance costs (154) 0
Net cash (used in) provided by financing activities (660) 87,089
Effect of exchange rate change on cash and cash equivalents 46 3
Net (decrease) increase in cash and cash equivalents (25,620) 76,252
Cash and cash equivalents at beginning of period 83,602 7,350
Cash and cash equivalents at end of period 57,982 83,602
SUPPLEMENTARY DISCLOSURE OF NONCASH FINANCING ACTIVITIES:    
Transaction costs related to Reverse Merger included in accounts payable and accrued expenses $ 0 $ 1,269