v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (15,767) $ (8,185)
Adjustments to reconcile net loss income to net cash used in operating activities:    
Non-cash interest expense - royalty agreement 2,039 1,215
Change in fair value of derivative liabilities - royalty agreement 116 75
Stock-based compensation 3,376 1,094
Change in fair value of derivative liabilities - contingent value right liability (202) 0
Accretion on marketable securities (15) 0
Non-cash lease operating expense 44 0
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (357) 819
Accounts payable 851 1,124
Accrued expenses and other current liabilities (900) (2,910)
Payments on operating lease liabilities (49) 0
Net cash used in operating activities (10,864) (6,768)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of marketable securities (55,440) 0
Net cash used in investing activities (55,440) 0
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of transaction costs in connection with Reverse Merger 0 (1,269)
Proceeds from issuance of common stock in connection with equity financing 230,000 0
Payment of financing cost in connection with equity financing (14,247) 0
Payment of contingent value right liability (1,978) 0
Proceeds from exercise of stock options 956 67
Net cash provided by (used in) financing activities 214,731 (1,202)
Effect of exchange rate change on cash and cash equivalents (15) (6)
Net increase (decrease) in cash and cash equivalents 148,412 (7,976)
Cash and cash equivalents at beginning of period 57,982 83,602
Cash and cash equivalents at end of period $ 206,394 $ 75,626