v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net Income (Loss) $ 35,912 $ (15,030)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock based compensation 1,286 1,386
Depreciation and amortization 36 32
Change in the fair value of contingent consideration liabilities (64,330) 1,924
Change in fair value of debt, net (12,197) 391
Change in fair value of warrants (31,116) 0
Gain on settlement of accounts payable (2,584) 0
Intangible asset impairment charge 67,808 0
Amortization of discount on available-for-sale investments (62) (355)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,639) 944
Right of use assets, operating leases and operating lease liabilities 28 24
Other assets 1,782 163
Accounts payable 5,911 22
Accrued expenses and other current liabilities (7,163) 899
Other liabilities 701 (1)
Net cash used in operating activities (7,627) (9,601)
Cash flow from investing activities:    
Purchase of investments 0 (1,954)
Proceeds from maturities of investments 12,000 13,000
Purchase of property and equipment 0 (148)
Net cash provided by investing activities 12,000 10,898
Cash flows from financing activities:    
Issuance of common stock in connection with the ATM offerings, net of issuance costs 14,988 0
Proceeds from issuance of common stock upon exercise of stock options 0 87
Repayment of borrowings (5,545) 0
Net cash provided by financing activities 9,443 87
Effect of exchange rate changes on cash (1,462) 175
Net increase in cash and cash equivalents 12,354 1,559
Cash and cash equivalents at beginning of period 5,809 6,212
Cash and cash equivalents at end of period 18,163 7,771
Supplemental disclosures of cash flow and non-cash information:    
Interest payment on debt (29) (53)
Noncash exercise of pre-funded warrants $ 340 $ 0