v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net loss $ (11,341) $ (10,569) $ (19,916) $ (23,439)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     1,802 4,385
Non-cash lease expenses and amortization     627 593
Stock-based compensation     2,571 5,606
Loss (gain) on disposal of property and equipment     36 (12)
Unrealized foreign exchange loss (gain)     584 (611)
Non-cash interest     0 75
Changes in operating assets and liabilities:        
Receivables under collaboration agreements     1,049 449
Prepaid expenses and other current assets     (1,262) 37
Other non-current assets     160 0
Accounts payable     (21) 583
Accrued expenses     2,916 (164)
Operating lease liabilities     (653) (590)
Net cash used in operating activities     (11,391) (13,088)
Cash flows from investing activities:        
Property and equipment expenditures     (556) (185)
Advances on property and equipment     (22) 0
Net cash used in investing activities     (578) (185)
Cash flows from financing activities:        
Proceeds received from reverse recapitalization and PIPE Financing, net of $20,064 of transaction costs     91,996 0
Issuance of convertible promissory notes, net     5,340 0
Proceeds from stock option exercises     90 6
Principal paid on finance lease liability     0 (414)
Deferred transaction costs paid     (1,335) 0
Net cash provided by (used in) financing activities     96,091 (408)
Effects of exchange rate change on cash, cash equivalents and restricted cash     (177) (4)
Net change in cash, cash equivalents and restricted cash     83,945 (13,685)
Beginning cash, cash equivalents and restricted cash     29,772 51,421
Ending cash, cash equivalents and restricted cash 113,717 37,736 113,717 37,736
Supplemental disclosures:        
Interest     0 146
Leases     986 975
Non-cash investing and financing activities:        
Reclassification of warrant liability for Series A Common Stock from equity     (49,354) 0
Conversion of warrant liabilities for Series B-1 and Series D into Series A Common Stock     3,378 0
Deferred transaction costs included in accrued expenses     1,423 0
The following table presents the Company’s cash, cash equivalents and restricted cash by category in the Company’s Condensed Consolidated Balance Sheets:        
Cash and cash equivalents 112,831 34,533 112,831 34,533
Restricted cash 886 3,203 886 3,203
Total cash, cash equivalents and restricted cash 113,717 37,736 113,717 37,736
Related Party        
Adjustments to reconcile net loss to net cash used in operating activities:        
Change in fair value of convertible promissory notes 2,384 0 3,791 0
Non-cash investing and financing activities:        
Conversion of convertible promissory notes and accrued interest into Series A Common Stock     22,681 0
Nonrelated Party        
Adjustments to reconcile net loss to net cash used in operating activities:        
Change in fair value of convertible promissory notes 964 0 1,264 0
Non-cash investing and financing activities:        
Conversion of convertible promissory notes and accrued interest into Series A Common Stock     6,604 0
Series B-1 and Series D redeemable convertible preferred stock warrants        
Adjustments to reconcile net loss to net cash used in operating activities:        
Change in fair value of Private warrant liability 293 0 399 0
Series B-1 and Series D redeemable convertible preferred stock warrants | Related Party        
Adjustments to reconcile net loss to net cash used in operating activities:        
Change in fair value of Private warrant liability 229 0 262 0
Warrants for Series A        
Adjustments to reconcile net loss to net cash used in operating activities:        
Change in fair value of Private warrant liability $ (4,738) $ 0 $ (4,738) $ 0