v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (39,182) $ (17,710)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 615 1,156
Non‑cash lease expense 235 184
Stock‑based compensation expense 2,423 2,508
Gain on change in warrant liability (94) (1,818)
Loss (gain) on change in fair value of CVR liability 13,800 (346)
Changes in operating assets and liabilities:    
Accounts receivable 854 (893)
Prepaid expenses and other assets (246) (5,830)
Accounts payable 310 1,819
Accrued expenses and other liabilities (850) (2,178)
Net cash used in operating activities (22,135) (23,108)
Cash flows from investing activities    
Purchases of property and equipment (27) (1,075)
Net cash used in investing activities (27) (1,075)
Cash flows from financing activities    
Equity offering costs 0 (454)
Proceeds from exercise of stock options 279 183
Proceeds from at the market offering, net of commissions and expenses 15,392 0
Distribution of Contingent Value Rights 0 (7,754)
Net cash provided by (used in) financing activities 15,671 (8,025)
Effect of exchange rate changes on cash (7) 32
Net change in cash, cash equivalents, and restricted cash (6,498) (32,176)
Cash, cash equivalents and restricted cash at beginning of period 126,874 214,279
Cash, cash equivalents and restricted cash at end of period 120,376 182,103
Non-cash investing and financing activities    
Purchase of property and equipment not yet paid 59 535
Equity offering costs in accrued liabilities $ 707 $ 0