v3.26.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Operating activities      
Net loss   $ (35,898) $ (56,703)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation   5,192 7,352
Depreciation and amortization   236 402
Non-cash lease costs   737 933
Net accretion of discounts on investments   (540) (837)
Accretion of term loan discount and issuance costs   134 136
Loss on early debt extinguishment $ 904 904  
Gain on lease termination   (2,592)  
Lease impairment charge     3,175
Loss on disposal of fixed assets 200 246  
Changes in operating assets and liabilities      
Prepaid expenses and other current assets   929 652
Other assets   307 (433)
Accounts payable   (1,975) 409
Payable and accrued liabilities due to related party     (109)
Accrued expenses and other current liabilities   (1,652) (2,019)
Other non-current liabilities   (733) (1,027)
Net cash used in operating activities   (34,705) (48,069)
Investing activities      
Purchase of investments   (130,240) (41,177)
Maturities of investments   31,750 91,245
Purchase of property and equipment   (67) (107)
Proceeds from sale of property and equipment   44  
Net cash (used in) provided by investing activities   (98,513) 49,961
Financing activities      
Proceeds from equity offering   150,000  
Payments of issuance costs related to equity offering   (9,627)  
Proceeds from ATM offering, net of commissions   11 372
Proceeds from exercise of stock options under equity incentive plan   743  
Proceeds from issuance of common stock under employee stock purchase plan   31 15
Proceeds from exercise of pre-funded warrants   6  
Principal payments on finance leases   (543) (544)
Principal payments on term loan   (2,609)  
Payments for early debt extinguishment   (8,176)  
Proceeds from issuance of term loan   10,000  
Payments of debt issuance costs   (104)  
Net cash provided by (used in) financing activities   139,732 (157)
Net increase in cash, cash equivalents and restricted cash   6,514 1,735
Cash, cash equivalents and restricted cash at beginning of year   16,439 17,633
Cash, cash equivalents and restricted cash at end of period 22,953 22,953 19,368
Supplemental disclosure of non-cash investing and financing activities      
Purchase of property and equipment in accounts payable and accrued expenses   26 1,060
Debt issuance costs in accounts payable and accrued expenses   193  
Right-of-use asset acquired under operating leases   168  
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 22,687 22,687 19,302
Restricted cash (included in prepaid expenses and other current assets) $ 66 $ 66  
Restricted Cash and Cash Equivalent, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current  
Restricted cash (included in other assets) $ 200 $ 200 66
Restricted Cash and Cash Equivalent, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent  
Total cash, cash equivalents and restricted cash $ 22,953 $ 22,953 $ 19,368