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 loss $ (20,691) $ (18,755)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 90 83
Stock-based compensation 2,851 2,965
Non-cash interest expense on liability related to the royalty purchase agreement 1,305  
Gain on sale of strategic investments (2,241)  
Accretion and interest related to marketable securities (77) (112)
Non-cash lease expense 159 147
Change in the fair value of derivative liability 35  
Amortization of deferred financing fees 64 46
Changes in operating assets and liabilities:    
Accounts receivable 11 3
Inventory 33 38
Prepaid expenses and other assets (477) 35
Accounts payable, accrued expenses and other liabilities (3,058) (202)
Operating lease liabilities - current and non-current (172) (132)
Deferred revenue   (732)
Net cash used in operating activities (22,168) (16,616)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (184) (112)
Sales of marketable securities 18,891 16,013
Purchases of marketable securities (13,125) (2,902)
Sale of strategic investments 4,736  
Net cash provided by investing activities 10,318 12,999
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from At-The-Market offering, net of issuance costs 5,855  
Proceeds from exercise of stock options 26 91
Restricted stock units withheld for tax (354) (387)
Net cash provided by (used in) financing activities 5,527 (296)
Net decrease in cash and cash equivalents (6,323) (3,913)
Cash and cash equivalents, beginning of the period 34,690 22,261
Cash and cash equivalents, end of the period 28,367 18,348
Cash paid during the three months ended March 31:    
Interest 356 $ 358
Supplemental disclosure of noncash activities    
Purchases of Property & equipment within accounts payable, accrued expenses and other liabilities $ 39