v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (38,834,000) $ 20,401,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation expense 3,713,000 4,767,000
Gain on sale of business 0 (87,443,000)
Discount amortization on short-term investments (706,000) 21,000
Non-cash lease expense 0 74,000
Depreciation expense 2,000 73,000
Changes in operating assets and liabilities:    
Accounts receivable 0 (1,000,000)
Inventory 0 170,000
Prepaid expenses and other current assets 2,225,000 906,000
Other non-current assets 325,000 (766,000)
Operating lease liabilities 0 (89,000)
Accounts payable and accrued liabilities (3,462,000) (1,733,000)
Other liabilities 0 (202,000)
Net cash used in operating activities (36,737,000) (64,821,000)
Cash flows from investing activities:    
Proceeds from sale of business, net cash, cash equivalents, and restricted cash 0 101,356,000
Purchases of property and equipment 0 (552,000)
Purchase of short-term investments (69,821,000) (32,215,000)
Maturity of short-term investments 72,384,000 18,083,000
Net cash provided by investing activities 2,563,000 86,672,000
Cash flows from financing activities:    
Proceeds from sale of common stock and prefunded warrants in PIPE financing 87,500,000 100,002,000
Proceeds from issuance of common stock under employee stock purchase plan 28,000 24,000
Issuance of common stock upon exercise of stock options 56,000 26,000
Payment of PIPE financing related transaction costs (5,654,000) (5,625,000)
Deferred offering costs paid for financing (90,000) (76,000)
Net cash provided by financing activities 81,840,000 94,351,000
Net increase in cash and cash equivalents 47,666,000 116,202,000
Cash, cash equivalents and restricted cash, beginning of period 37,568,000 28,734,000
Cash and cash equivalents, end of period 85,234,000 144,936,000
Supplemental disclosure of cash flow information:    
Costs incurred in connection with Private Placement included in accounts payable $ 12,000 $ 0