v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (44,054) $ (30,089)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,176 1,836
Amortization of debt issuance cost 642 0
Amortization of note issuance costs 1,651 0
Non-cash interest expense 50 50
Non-cash lease expense 645 620
Non-cash income from collaborative arrangements, net (1,737) (1,766)
Stock-based compensation expense 5,231 3,730
Change in fair value of derivative liability 1,891 0
Loss on extinguishment of debt 2,383 0
Other 21 20
Changes in assets and liabilities:    
Prepaid expenses and other current assets (900) (2,708)
Accounts payable and accrued expenses (356) (1,184)
Lease obligations (635) (596)
Net cash used in operating activities (33,992) (30,087)
Cash flows from investing activities    
Purchases of property and equipment (27) (59)
Payment of security deposits 0 (131)
Net cash used in investing activities (27) (190)
Cash flows from financing activities    
Proceeds from issuance of common stock, net 23,175 (184)
Proceeds from issuance of common stock upon exercise of warrants 15,000 0
Payment of equity issuance costs (1,779) 0
Payment of warrant issuance costs (825) 0
Payment of long term debt (32,745) (1,000)
Proceeds from issuance of convertible notes, net of discount 117,000 0
Payment of convertible note issuance costs (4,474) 0
Net cash provided by (used in) financing activities 115,352 (1,184)
Effect of changes in exchange rate on cash and restricted cash 151 (36)
Net increase (decrease) in cash, cash equivalents and restricted cash 81,484 (31,497)
Cash, cash equivalents and restricted cash at beginning of period 18,887 58,821
Cash, cash equivalents and restricted cash at end of period 100,371 27,325
Supplemental disclosure of non-cash investing and financing transactions:    
Purchases of property and equipment 0 19
Right-of-use asset related to operating leases $ 0 $ 1,353