v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (22,835) $ (9,538)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,110 1,914
Depreciation expense 32 96
Non-cash interest expense 0 1,359
Loss on disposal of fixed assets 0 178
Loss on termination of financing lease 10 4
Amortization of operating lease right-of-use asset 156 146
Amortization of finance lease right-of-use asset 213 165
Change in deferred R&D services and R&D funding liability 4,236 0
Non-cash R&D expense related to Torii warrant vesting 298 0
Change in fair value of derivative liability 0 (852)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 182 818
Collaboration receivable, billed and unbilled (14) (8,149)
Insurance recovery asset (2,302) 0
Inventory (476) (59)
Accounts payable (469) 425
Legal settlement liability 4,000 0
Deferred revenue 553 481
Accounts receivable (5,679) (9,145)
Accrued expenses and other current liabilities 1,711 (410)
Operating lease liability (167) (154)
Net cash used in operating activities (18,441) (22,721)
Cash flows from investing activities    
Net cash used in investing activities 0 0
Cash flows from financing activities    
Repayment of debt 0 (8,029)
Repayment of finance lease (237) (183)
Payment of equity issuance costs (9) 0
Net cash used in financing activities (246) (8,212)
Net decrease in cash and restricted cash (18,687) (30,933)
Cash and restricted cash at the beginning of the period 30,147 46,329
Cash and restricted cash at the end of the period 11,460 15,396
Reconciliation of Cash and Restricted cash    
Cash 11,198 15,396
Restricted cash 262 0
Total Cash and Restricted cash 11,460 15,396
Supplemental disclosures    
Cash paid for interest 40 2,975
Supplemental disclosure of noncash investing and financing activities:    
Recognition of R&D funding liability 3,348 0
Change in deferred R&D services 888 0
Finance lease liability extinguished as a result of lease termination 43 50
Right-of-use asset obtained in exchange for lease obligation $ 619 $ 0