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 $ (10,856) $ (10,196)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation expense 10  
Stock-based compensation expense 580 374
Change in fair value of derivative liabilities (including $0 and $1,165 for a related party) 0 (1,229)
Change in fair value of tranche liability (including $0 and $331 for a related party) 0 (365)
Non-cash interest expense (including $0 and $1,384 for a related party)   1,443
Non-cash operating lease expense 42  
Net amortization of premiums and accretion of discounts on marketable securities (220)  
Loss on extinguishment and on issuance of convertible promissory notes (including $0 and $169 for a related party)   186
Changes in assets and liabilities:    
Prepaid expense and other current assets (34) 1,420
Other non-current assets (810)  
Accounts payable (376) 934
Accrued expenses and other current liabilities 120 (8)
Operating lease liabilities (37)  
Net cash used in operating activities (11,581) (7,441)
Cash flows from investing activities:    
Purchases of marketable securities (70,350)  
Maturities of marketable securities 20,000  
Net cash used in investing activities (50,350)  
Cash flows from financing activities:    
Proceeds from the issuance of convertible promissory notes (including $0 and $3,402 from a related party), net of issuance costs   7,500
Cash acquired in connection with the Merger   102,113
Payment of deferred transaction costs and issuance costs (1,769) (2,346)
Proceeds from the exercise of stock options 74  
Net cash (used in) provided by financing activities (1,695) 107,267
Net (decrease) increase in cash and cash equivalents and restricted cash (63,626) 99,826
Cash and cash equivalents and restricted cash, at beginning of the period 98,553 1,639
Cash and cash equivalents and restricted cash, at end of the period 34,927 101,465
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 34,427 100,965
Restricted cash 500 500
Total cash, cash equivalents and restricted cash, at end of the period 34,927 101,465
Supplemental disclosure of cash flow information:    
Unrealized gain (loss) on marketable securities (55)  
Deferred transaction and financing issuance costs included in accounts payable and accrued expenses and other current liabilities $ 337 629
Premium on issuance of convertible promissory notes (including $0 and $169 for a related party)   186
Merger transaction costs recognized in additional paid-in capital   5,357
Issuance of common stock and equity elimination in connection with the Merger   104,990
Issuance of redeemable convertible preferred stock upon conversion of convertible promissory notes   3,695
Conversion of redeemable convertible preferred stock shares into common stock in connection with the Merger   49,694
Conversion of convertible promissory notes and accrued interest in connection with the Merger   $ 20,799