v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (39,450) $ (26,874)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 2,746 1,736
Operating lease right-of-use asset 572 530
Depreciation 162 181
Amortization of premium (Accretion of discount) on marketable debt securities (359) (532)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 704 (1,012)
Other assets (2,970) 204
Accounts payable 1,332 1,484
Accrued expenses and other current liabilities 1,141 (2,145)
Operating lease liabilities (610) (535)
Net cash provided by (used in) operating activities (36,732) (26,963)
Cash flows from investing activities:    
Purchase of marketable debt securities (63,090) (117,511)
Proceeds from maturity and redemption of marketable debt securities 66,455 11,500
Purchase of property and equipment (332) (66)
Net cash provided by (used in) investing activities 3,033 (106,077)
Cash flows from financing activities:    
Proceeds from exercise of Underwriters’ Option in December 2024 Public Offering, net of offering costs of $214 2,528
Offering costs paid in connection with public offerings (526) (614)
Taxes paid related to net share settlement of restricted stock units (298) (185)
Proceeds from exercise of stock options 8
Net cash provided by (used in) financing activities 1,118 1,738
Net increase (decrease) in cash and cash equivalents and restricted cash (32,581) (131,302)
Cash and cash equivalents and restricted cash - beginning of period 50,402 163,543
Cash and cash equivalents and restricted cash - end of period 17,821 32,241
Supplemental disclosure of non-cash investing and financing activities:    
Proceeds from exercise of stock options included in other current assets and additional paid-in-capital 412
Purchase of property and equipment included in accounts payable and property and equipment 389
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 17,076 31,496
Restricted cash, non-current 745 745
Cash and cash equivalents and restricted cash 17,821 32,241
Pre-funded Warrants    
Cash flows from financing activities:    
Proceeds from exercise of warrants 1
Common Warrants    
Cash flows from financing activities:    
Proceeds from exercise of warrants $ 1,942