v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net loss $ (127,505) $ (26,970)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 65 294
Stock-based compensation 2,105 834
Non-cash operating lease expense 450 451
Loss on amendment and cancellation of warrants 0 2,073
Loss on execution of the 2025 PIPE 0 71,084
Transaction costs allocated to pre-funded warrants and warrants issued in connection with the 2025 PIPE 0 2,734
Change in fair value of tranche liability 76,855 (16,340)
Change in fair value of warrant liabilities 41,111 (40,624)
Gain on settlement of tranche liability 0 (1,117)
Non-cash consideration received in connection with research service revenue 0 (231)
Gain on foreign currency remeasurement 0 (91)
Changes in operating assets and liabilities:    
Accounts receivable (5,000) 0
Accounts receivable -related party 208 0
Prepaid expenses and other current assets 67 305
Other assets 12 17
Accounts payable 161 (4)
Accrued and other liabilities (1,163) (1,193)
Operating Lease liabilities 139 (501)
Net cash used in operating activities (12,495) (9,279)
Investing activities:    
Purchases of property and equipment (120) (27)
Net cash used in investing activities (120) (27)
Financing activities:    
Proceeds from issuance of common stock under the ATM program, net of issuance costs 26,858 0
Proceeds from issuance of common stock upon exercise of warrants 3,330 0
Proceeds from issuance of common stock, pre-funded warrants and warrants in the 2025 PIPE, net of transaction costs 0 76,386
Proceeds from issuance of common stock upon exercise of stock options 92 0
Net cash provided by financing activities 30,280 76,386
Net increase in cash, cash equivalents and restricted cash 17,665 67,080
Cash, cash equivalents and restricted cash at beginning of period 89,933 35,253
Cash, cash equivalents and restricted cash at end of period 107,598 102,333
Supplemental disclosure of noncash investing and financing activities:    
Transaction costs allocated to issued shares of common stock included in accrued and other liabilities 0 2,369
Reconciliation Of Cash Cash Equivalents And Restricted Cash To Consolidated Balance Sheets Abstract    
Cash and cash equivalents 106,910 101,645
Restricted cash 688 688
Cash, cash equivalents and restricted cash $ 107,598 $ 102,333