v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows Used in Operating Activities:    
Net loss $ (8,278) $ (9,439)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3 28
Net accretion of discounts/premiums on debt securities (51) (210)
Share-based compensation 613 1,879
Loss on investment in joint venture 0 587
Changes in operating assets and liabilities:    
Prepaid expenses, operating lease right-of-use assets and other current assets (155) (506)
Accounts payable 814 122
Accrued expenses and operating lease liabilities (712) (2,454)
Deferred revenue (212) (212)
Net cash used in operating activities (7,978) (10,205)
Cash Flows Provided by Investing Activities:    
Purchases of marketable securities 0 (5,919)
Proceeds from maturities of marketable securities 17,900 18,000
Investment in joint venture 0 (1,000)
Net cash provided by investing activities 17,900 11,081
Cash Flows Provided by Financing Activities:    
Proceeds from the issuance of common stock from exercise of stock options 3 0
Net cash provided by financing activities 3 0
Net increase in cash and cash equivalents 9,925 876
Cash and cash equivalents — beginning of period 31,374 13,903
Cash and cash equivalents — end of period $ 41,299 $ 14,779