v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (37,637) $ (17,656)
Adjustments to reconcile net loss income to net cash used in operating activities:    
Non-cash interest expense - royalty agreement 4,347 2,569
Change in fair value of derivative liabilities - royalty agreement 230 193
Change in fair value of derivative liabilities - contingent value right liability (202) 0
Stock-based compensation 8,531 2,527
Accretion on marketable securities (335) 0
Non-cash lease operating expense 89 0
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (1,422) 1,318
Accounts payable 2,202 1,240
Accrued expenses and other current liabilities 586 (2,393)
Payments on operating lease liabilities (98) 0
Net cash used in operating activities (23,709) (12,202)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of marketable securities (70,472) 0
Maturities of marketable securities 8,000 0
Net cash used in investing activities (62,472) 0
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of transaction costs in connection with Reverse Merger 0 (1,269)
Proceeds from issuance of common stock in connection with equity financing 230,000 0
Payment of financing cost in connection with equity financing (14,247) 0
Payment of contingent value right liability (1,978) 0
Proceeds from exercise of stock options 2,236 416
Net cash provided by (used in) financing activities 216,011 (853)
Effect of exchange rate change on cash and cash equivalents (9) (114)
Net increase (decrease) in cash and cash equivalents 129,821 (13,169)
Cash and cash equivalents at beginning of period 57,982 83,602
Cash and cash equivalents at end of period $ 187,803 $ 70,433