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 $ (26,066) $ (20,761)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of property and equipment 56 27
Amortization of debt costs 117 102
Accretion of investment discount   (81)
Non-cash interest expense related to senior secured convertible note 884 833
Non-cash interest expense related to royalty financing obligation 3,133  
Share-based compensation expense 1,282 1,351
Changes in operating assets and liabilities:    
Accounts receivable, net (1,605)  
Other receivables 221 323
Research and development tax credits receivable (109) (93)
Prepaid expenses 595 (516)
Inventory (1,178)  
Operating lease assets and liabilities (13) (3)
Accounts payable 4,378 452
Accrued liabilities 1,836 4,414
Deferred revenue 416  
Net cash used in operating activities (16,053) (13,952)
Cash flows provided by (used in) investing activities    
Acquisition of property and equipment (45) (6)
Acquisition of short-term investments (79,985) (877)
Redemption of short-term investments   34,466
Net cash (used in) provided by investing activities (80,030) 33,583
Cash flows provided by (used in) financing activities    
Proceeds from Royalty Financing Arrangement 75,000  
Proceeds from issuance of common shares, net of issuance costs 10,890  
Proceeds from exercise of series A warrants, net of issuance costs 8,291  
Proceeds from employee stock purchase plan 184 140
Payment of property and equipment financing (11)  
Cash provided by financing activities 94,354 140
Net (decrease) increase in cash and cash equivalents (1,729) 19,771
Cash and cash equivalents - Beginning of period 73,046 25,314
Cash and cash equivalents - End of period $ 71,317 $ 45,085