v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (77,611) $ (36,144) $ (31,632)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 172 164 139
Non-cash lease expense 280 281 260
Amortization of intangible assets 12 4  
Share-based compensation expense 38,919 8,987 3,823
Interest income from investments (1,313) (3,577)  
Fair value change on investments   (49)  
Gains on operating lease modification   (33)  
Changes in operating assets and liabilities:      
Other receivables (66) 56 (56)
Other receivables due from related parties   18 (16)
Prepayments and other assets (768) (1,112) (3,516)
Other payables due to related parties (8) 13  
Accrued expenses and other liabilities 3,846 2,463 1,421
Security deposits (150)   (16)
Operating lease liabilities (301) (305) (244)
Net cash used in operating activities (36,988) (29,234) (29,837)
Cash flows from investing activities      
Acquisition of property and equipment (71) (116) (63)
Acquisition of intangible assets   (35)  
Acquisition of available-for-sale investments   (4,500)  
Proceeds from maturities of available-for-sale investments 4,500    
Acquisition of held-to-maturity investments (451,994) (183,765)  
Proceeds from maturities of held-to-maturity investments 142,565 77,844  
Prepayments for property and equipment (107)    
Net cash used in investing activities (305,107) (110,572) (63)
Cash flows from financing activities      
Proceeds from exercise of warrants 102,993 38,960 21,652
Proceeds from exercise of share options 7,845 2,767 349
Net cash provided by financing activities 663,233 83,595 75,959
Effects of exchange rate on cash and cash equivalent 117 (269) 9
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENT 321,255 (56,480) 46,068
CASH AND CASH EQUIVALENT AT BEGINNING OF THE YEAR 31,677 88,157 42,089
CASH AND CASH EQUIVALENT AT END OF THE YEAR 352,932 31,677 88,157
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid 1    
Cash paid for income tax   6 9
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Follow-on offering underwriting discounts reclassed to additional paid-in-capital     1,800
ATM offering sales commissions reclassed to additional paid-in-capital 896 509 858
ATM proceeds not yet received in cash as other receivable     762
Right-of-use assets obtained in exchange of lease liabilities 529 388 265
Right-of-use assets in exchange of lease liabilities from an operating lease modification 361 385  
Follow-on offering      
Cash flows from financing activities      
Payments of deferred offering costs     (883)
Net proceeds from issuance     28,200
At-the-Market offering ("ATM")      
Cash flows from financing activities      
Payments of deferred offering costs   (179) (347)
Net proceeds from issuance 28,971 16,474 $ 26,988
ATM proceeds received in settlement of other receivable   762  
Direct offering      
Cash flows from financing activities      
Payments of deferred offering costs (304) (189)  
Proceeds from offering 28,050 $ 25,000  
Private placement in public equity financing      
Cash flows from financing activities      
Payments of deferred offering costs (6,789)    
Net proceeds from issuance 125,000    
Underwritten Public Offering      
Cash flows from financing activities      
Payments of deferred offering costs (883)    
Proceeds from offering $ 378,350