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 income (loss) $ (41,360) $ (15,311)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,544 1,509
Amortization of finance right-of-use assets 43 43
Stock-based compensation expense 12,707 1,240
Changes in fair value of warrant liabilities 1,593 (4,409)
Other non-cash items, net 179 (29)
Changes in operating assets and liabilities    
Accrued interest receivable (897) 55
Prepaid expenses and other current assets 893 (553)
Operating lease right-of-use assets and liabilities, net (238) 59
Accounts payable 789 822
Accrued expense and other current liabilities 635 1,624
Net cash used in operating activities (24,112) (14,950)
Cash flows from investing activities:    
Proceeds from the sale of equipment 3 1
Purchases of property, plant and equipment (2,569)  
Purchases of investments (152,275) (123)
Proceeds from sales and maturities of investments 84,310 9,991
Net cash (used in) provided by investing activities (70,531) 9,869
Cash flows from financing activities:    
Proceeds from the March 2026 Public Offering and Underwriters' Option, net of issuance costs 88,697  
Proceeds from exercised Enrollment Date and Release Date Warrants 3,518  
Principal payments on financed director and officer insurance and finance leases (76) (346)
Proceeds from exercise of stock options 155  
Tax payments for share settlement of restricted stock units (9) (2)
Net cash provided by (used in) financing activities 92,285 (348)
Effect of exchange rate changes on cash and cash equivalents 122 222
Net decrease in cash and cash equivalents (2,236) (5,207)
Cash and cash equivalents    
Beginning of period 10,503 8,898
End of period 8,267 3,691
Supplemental cash flow information:    
Cash paid for interest 125 135
Supplemental information on non-cash investing and finance activities:    
Right-of-use asset written off due to early and partial termination of lease 1,346  
Operating lease liability written off due to early and partial termination of lease 1,113  
Right-of-use assets obtained in exchange for operating lease liabilities 775 $ 2,422
Proceeds receivable from warrant exercises 438  
Purchases of equpment included in accounts payable $ 102