v3.26.1
Condensed Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (22,194,000) $ 73,016,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation expense 2,193,000 1,680,000
Gain on sale of business 0 (87,443,000)
Discount amortization on short-term investments (347,000) 19,000
Non-cash lease expense 0 74,000
Depreciation expense 1,000 57,000
Changes in operating assets and liabilities:    
Accounts receivable 0 (1,000,000)
Inventory 0 170,000
Prepaid expenses and other current assets 1,470,000 765,000
Other non-current assets 163,000 114,000
Operating lease liabilities 0 (89,000)
Accounts payable and accrued liabilities (3,494,000) 975,000
Other liabilities 0 (202,000)
Net cash used in operating activities (22,208,000) (11,864,000)
Cash flows from investing activities:    
Proceeds from sale of business, net cash, cash equivalents, and restricted cash 0 101,356,000
Purchases of property and equipment 0 (551,000)
Purchase of short-term investments (19,186,000) 0
Maturity of short-term investments 38,616,000 14,693,000
Net cash provided by investing activities 19,430,000 115,498,000
Cash flows from financing activities:    
Proceeds from sale of common stock and prefunded warrants in PIPE financing 0 100,002,000
Issuance of common stock upon exercise of stock options 0 21,000
Payment of PIPE financing related transaction costs 0 (4,822,000)
Net cash provided by financing activities 0 95,201,000
Net (decrease) increase in cash and cash equivalents (2,778,000) 198,835,000
Cash, cash equivalents and restricted cash, beginning of period 37,568,000 28,734,000
Cash and cash equivalents, end of period 34,790,000 227,569,000
Supplemental disclosure of cash flow information:    
Costs incurred in connection with Private Placement included in accounts payable 0 632,000
Deferred transaction costs included in accounts payable and accrued liabilities $ 30,000 $ 167,000