v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities:        
Net loss     $ (8,256) $ (3,600)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation     141 36
Amortization of debt discount     15 236
Gain on extinguishment of accrued interest $ 0 $ 0 (56) 0
Imputed interest expense on 2025 bridge loans 0 112 0 137
Change in fair value of warrant liabilities 62 0 62 0
Changes in operating assets and liabilities:        
License fee receivable     0 2,359
Unbilled receivable     0 359
Prepaid expenses and other current assets     (943) (294)
Accounts payable     (467) (475)
Accrued expenses     (759) 315
Accrued interest     21 378
Net cash (used in) provided by operating activities     (10,242) (549)
Cash flows from financing activities:        
Proceeds from the June 2026 public offering, net of issuance costs     60,295 0
Proceeds from issuance of pre-funded warrants under the Coastlands and Domicilium Securities Purchase Agreements, net of issuance costs     6,991 0
Repayment of term loan principal     0 (1,255)
Proceeds from debt financing obligations     0 2,265
Exercise of pre-funded warrants 91   91 0
Exercise of stock options     40 0
Net cash provided by (used in) financing activities     67,417 1,010
Increase in cash, cash equivalents and restricted cash     57,175 461
Cash, cash equivalents and restricted cash at the beginning of the period     4,791 116
Cash, cash equivalents and restricted cash at the end of the period 61,966 577 61,966 577
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets:        
Cash and cash equivalents 61,960 572 61,960 572
Restricted cash 6 5 6 5
Total cash, cash equivalents and restricted cash $ 61,966 $ 577 61,966 577
Supplemental disclosure of cash flow activities:        
Cash paid for interest     0 40
Noncash financing activities:        
Domicilium debt conversion and waiver of accrued interest, (principal of $1,000 and accrued interest of $56     1,056 0
Issuance costs in accounts payable and accrued expenses     $ 1,975 $ 0