v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Operating activities:      
Net loss $ 3,670 $ (9,862) $ (36,071)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense   1,348 3,799
Depreciation expense   2,850 832
Loss on sale and disposal of property and equipment, net   159 0
Non-cash interest expense   771 1,010
Non-cash lease expense   307 381
Loss on extinguishment of note payable 3,354 3,354 0
Change in fair value of derivative liability   (707) (190)
Gain on modification of lease liability (1,100) (1,142) 0
Changes in operating assets and liabilities:      
Prepaid expenses and other assets   636 (574)
Accounts payable, accrued expenses and other liabilities   1,702 (2,348)
Operating lease liability   (3,384) (951)
Net cash used in operating activities   (3,968) (34,112)
Investing activities:      
Proceeds from sale of property and equipment   416 0
Net cash provided by investing activities   416 0
Financing activities:      
Repayment of note payable and extinguishment costs   (32,413) 0
Proceeds from at the market offering of common stock, net of issuance costs   0 347
Proceeds from issuances under Employee Stock Purchase Plan   1 41
Net cash (used in) provided by financing activities   (32,412) 388
Net decrease in cash, cash equivalents and restricted cash and cash equivalents   (35,964) (33,724)
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period   57,951 112,215
Cash, cash equivalents and restricted cash and cash equivalents—end of period 21,987 21,987 78,491
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets      
Cash and cash equivalents 21,987 21,987 77,596
Restricted cash and cash equivalents 0 0 895
Total cash, cash equivalents and restricted cash and cash equivalents $ 21,987 21,987 78,491
Supplemental disclosure of cash flow information:      
Cash paid for interest   1,338 1,562
Supplemental disclosure of non-cash investing and financing activities:      
Adjustment to right of use asset in exchange for reduction in lease liability   4,909 0
Issuance costs in accounts payable and accrued expenses   $ 0 $ 126