v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash Flows Used in Operating Activities:        
Net loss $ (8,278) $ (9,439) $ (8,978) $ (57,775)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 3 28 92 131
Net accretion of discounts/premiums on debt securities (51) (210) (573) (1,612)
Share-based compensation 613 1,879 5,314 7,993
Gain on sale of joint venture     (22,350) 0
Loss on investment in joint venture 0 587 874 2,239
Changes in operating assets and liabilities:        
Prepaid expenses, operating right-of-use assets and other current assets (155) (506) (2,043) 2,724
Accounts payable 814 122 (152) (698)
Accrued expenses and operating lease liabilities (712) (2,454) (1,149) (3,344)
Deferred revenue (212) (212) (848) 1,060
Net cash used in operating activities (7,978) (10,205) (29,813) (49,282)
Cash Flows Provided by Investing Activities:        
Purchases of marketable securities 0 (5,919) (17,697) (48,933)
Proceeds from maturities of marketable securities 17,900 18,000 46,465 84,425
Proceeds from sale of common stock received from sale of joint venture     20,000 0
Investment in joint venture 0 (1,000) (1,500) (2,000)
Net cash provided by investing activities 17,900 11,081 47,268 33,492
Cash Flows Provided by Financing Activities:        
Proceeds from the issuance of common stock from a securities purchase agreement 3 0 0 5,405
Proceeds from the issuance of common stock under the stock purchase plan     16 62
Payments of offering costs     0 (268)
Net cash provided by financing activities 3 0 16 5,199
Net increase (decrease) in cash and cash equivalents 9,925 876 17,471 (10,591)
Cash and cash equivalents—beginning of year 31,374 13,903 13,903 24,494
Cash and cash equivalents—end of year $ 41,299 $ 14,779 $ 31,374 $ 13,903