v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net and comprehensive loss $ (73,633) $ (15,614)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,871 1,809
Depreciation 27 27
Fair value change in instruments measured at fair value, net of cash interest paid of $281 43,909 (3,722)
Non-cash interest, related party 143 0
Issuance costs related to financing activities 1,113 1,337
Unrealized loss from short-term investments 0 2
Change in assets and liabilities:    
Accounts receivable 954 164
Contract assets and unbilled receivables 755 1,031
Prepaids and other current assets (640) (918)
Accounts payable (1,412) (1,703)
Accrued expenses 1,236 (1,676)
Net cash used in operating activities (24,677) (19,263)
Investing activities    
Net cash used in investing activities 0 0
Financing activities    
Proceeds from note purchase agreement 35,000 0
Proceeds from stock purchase and conversion agreement 5,000 0
Proceeds from issuance of Series B preferred stock 25,000 0
Proceeds from issuance of common stock and pre-funded warrants in connection with the March 2025 offering and March 2025 private placement 0 5,980
Proceeds from issuance of warrants in connection with the March 2025 offering and March 2025 private placement 0 15,520
Proceeds from issuance of common stock in connection with the at-the-market program and purchase agreement 2,250 409
Issuance costs attributed to note purchase agreement (1,113) 0
Proceeds from funding agreement, related party 0 1,000
Proceeds from Warrant Exercises 1,663 0
Exercise of stock options 1,222 5
Share repurchases for the payment of employee taxes (33) (36)
Net cash provided by financing activities 68,498 21,371
Net increase in cash, cash equivalents and restricted cash 43,821 2,108
Cash, cash equivalents and restricted cash at beginning of period 45,091 30,321
Cash, cash equivalents and restricted cash at end of period 88,912 32,429
Supplemental disclosure of cash flow information:    
Cash paid for interest 281 0
Supplemental non-cash financing transactions:    
Conversion of preferred stock instruments 24,736 18,843
Reclassification of warrant liability upon exercise 7,817 0
Paid-in-kind interest on outstanding Notes 281 0
Unpaid issuance costs 0 477
Common Stock    
Financing activities    
Payments of stock issuance costs $ (491) $ (1,507)