v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (12,266) $ (14,041)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 689 544
Depreciation and amortization 252 6
Non-cash lease expense 71 65
Change in fair value of warrant and conversion option liabilities 91 (158)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,054 492
Other assets 64 0
Accounts payable 1,700 584
Accrued expenses and other current liabilities (1,300) 140
Other liabilities (87) (359)
Net cash used in operating activities (8,732) (12,727)
Cash flows from investing activities    
Purchases of property and equipment (10) 0
Net cash used in investing activities (10) 0
Cash flows from financing activities    
Proceeds from debt, gross 14,146 0
Repayment of debt 0 (405)
Payment of debt and equity offering costs (220) (6)
Tax withholding payments on restricted stock units (10) 0
Net cash provided by (used in) financing activities 13,916 (411)
Net increase (decrease) in cash, cash equivalents, and restricted cash 5,174 (13,138)
Cash, cash equivalents, and restricted cash at beginning of period 48,942 38,788
Cash, cash equivalents, and restricted cash at end of period 54,116 25,650
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 54,080 25,615
Restricted cash, long-term (included in other assets) 36 35
Total cash, cash equivalents and restricted cash 54,116 25,650
Supplemental cash flow data:    
Cash paid for interest on term loan 158 30
Supplemental disclosure of non-cash investing and financing activities:    
Allocation of debt to warrant liability for warrant and embedded conversion option 7,566 0
Reclassification of debt embedded conversion option to additional paid-in capital 3,719 0
Deferred offering costs included in accounts payable and accrued expenses $ 298 $ 0