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 $ (39,025) $ (6,495)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 83 76
Accretion of investment discounts (460) (692)
Stock-based compensation 2,202 2,864
Change in fair value of warrant liabilities 18,962 (10,060)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 12 724
Accounts payable, accrued expenses and other liabilities (4,300) (2,403)
Operating lease liabilities (86) (74)
Net cash used in operating activities (22,612) (16,060)
Cash flows from investing activities:    
Purchase of available-for-sale short-term investments (43,122) (31,850)
Proceeds from maturities of available-for-sale short-term investments 49,078 35,742
Net cash provided by investing activities 5,956 3,892
Cash flows from financing activities:    
Proceeds from exercise of stock options   115
Net cash provided by financing activities   115
Net change in cash and cash equivalents (16,656) (12,053)
Cash and cash equivalents at beginning of period 22,808 20,549
Cash and cash equivalents at end of period 6,152 8,496
Noncash activities:    
Issuance of common stock in settlement of liability 598  
Unrealized loss on available-for-sale securities, net $ (96) $ (44)