v3.26.1
Unaudited 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 $ (13,902) $ (12,276)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,148 1,639
Accretion of investments discount (108) (314)
Amortization of debt issuance costs and discount 0 312
Change in fair value of warrant liabilities (8,903) (5,094)
Noncash operating lease expense for right-of-use asset 186 156
Offering costs for March 2026 Private Placement warrant issuance 891 0
Changes in operating assets and liabilities:    
Prepaid expenses, other current assets, deferred costs, and other (1,510) 803
License agreement receivable 0 (9,247)
License agreement contract asset 0 9,509
Accounts payable 434 1,713
Accrued expenses (757) (1,316)
Deferred revenue (235) (652)
Other liabilities (230) (193)
Net cash used in operating activities (22,986) (14,960)
Cash flows from investing activities:    
Purchase of investments (39,488) 0
Maturity of investments 14,205 23,713
Net cash (used in) provided by investing activities (25,283) 23,713
Cash flows from financing activities:    
Proceeds from common stock and pre-funded warrants issued for March 2026 Private Placement (Note 12) 40,019 0
Payment of convertible debt 0 (14,000)
Payment of offering costs (2,539) (110)
Proceeds from employee stock purchase plan issuances 17 26
Net cash provided by (used in) financing activities 37,497 (14,084)
Net decrease in cash, cash equivalents, and restricted cash (10,772) (5,331)
Cash, cash equivalents, and restricted cash at beginning of period 21,448 16,595
Cash, cash equivalents, and restricted cash at end of period 10,676 11,264
Supplemental cash flow information:    
Cash paid for interest 0 420
Cash received for interest 1,096 1,226
Noncash financing activities:    
Offering costs included in accounts payable and accrued expenses 606 0
Reclass of warrant liability for March 2026 Private Placement to additional paid-in capital $ 3,914 $ 0