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 $ (23,413) $ (1,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,394 1,745
Non‑cash lease expense 477 371
Stock‑based compensation expense 4,506 5,787
Non‑cash interest expense 355 0
Loss (gain) on change in fair value of warrant liability 24 (2,472)
Loss on change in fair value of embedded derivative 4,535 0
Gain on change in fair value of contingent value rights liability (35,400) (35,646)
Changes in operating assets and liabilities:    
Accounts receivable 919 518
Prepaid expenses and other assets (89) (5,124)
Accounts payable (463) 231
Accrued expenses and other liabilities 3,938 (4,215)
Net cash used in operating activities (43,217) (40,629)
Cash flows from investing activities    
Purchases of property and equipment (299) (3,670)
Net cash used in investing activities (299) (3,670)
Cash flows from financing activities    
Proceeds from issuance of long-term debt, net 46,030 0
Equity offering costs 0 (479)
Proceeds from exercise of stock options 677 268
Proceeds from at the market offering, net of commissions and expenses 19,308 0
Distribution of contingent value rights 0 (7,754)
Net cash provided by (used in) financing activities 66,015 (7,965)
Effect of exchange rate changes on cash (32) 44
Net change in cash, cash equivalents, and restricted cash 22,467 (52,220)
Cash and cash equivalents at beginning of period 126,874 214,279
Cash and cash equivalents at end of period 149,341 162,059
Supplemental cash flow information    
Cash paid for interest 0 0
Non-cash investing and financing activities    
Purchase of property and equipment not yet paid 221 688
Equity offering costs in accrued liabilities 32 0
Fair value of embedded derivative recorded in connection with long-term debt $ 7,405 $ 0