v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Net loss $ (20,174) $ (5,014)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 0 2
Non-cash operating lease expense 0 62
Recurring fair value measurements of liabilities (7) (9)
Write-off of deferred equity issuance costs 0 75
Stock-based compensation and related charges 9,082 138
Changes in operating assets and liabilities:    
Accounts receivable (500) 0
Prepaid and other current assets and other noncurrent assets (915) (18)
Accounts payable and accrued liabilities 2,044 1,210
Accrued compensation and benefits (1,023) (530)
Operating lease liabilities 0 (66)
Net cash used in operating activities (11,493) (4,150)
Cash flows from financing activities:    
Payments on insurance financing debt (71) (80)
Proceeds from issuance of common stock 3,250 0
Proceeds from the exercise of warrants 155 1
Payment of equity issuance costs (74) (178)
Proceeds from issuance of common stock under Employee Stock Purchase Plan 20 3
Net cash provided by (used in) financing activities 3,280 (254)
Net decrease in cash, cash equivalents and restricted cash (8,213) (4,404)
Cash, cash equivalents and restricted cash, beginning of year 133,440 9,847
Cash, cash equivalents and restricted cash, end of period 125,227 5,443
Reconciliation of cash, cash equivalents and restricted cash to the balance sheets:    
Cash and cash equivalents 125,172 5,417
Restricted cash 55 26
Total cash, cash equivalents and restricted cash 125,227 5,443
Supplemental disclosures of cash flow information:    
Interest paid 1 1
Supplemental disclosures of non-cash investing and financing activities:    
Deferred equity issuance costs included in accounts payable and accrued liabilities 19 0
Payment of equity issuance costs previously included in accounts payable and accrued liabilities 46 0
Fair value of common shares issued in settlement of share liability (Note 4) 313 0
Insurance financing debt included in prepaid and other current assets and other noncurrent assets $ 0 $ 312