v3.26.1
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 $ (19,902) $ (12,501)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 206 379
Amortization of debt discount   1,216
Interest income and accretion of discount on investments, net (98)  
Stock-based compensation 5,647 394
Unrealized foreign currency transaction gains (236) (298)
Noncash lease expense 298 136
Changes in operating assets and liabilities    
Prepaid expenses and other current assets 572 (267)
Accounts payable and accrued expenses (1,020) 2,735
Operating lease payments (261) (62)
Net cash used in operating activities (14,794) (6,885)
Cash flows from investing activities    
Purchases of intangible assets (20) (26)
Purchases of property and equipment (161) (526)
Purchase of investments (92,511)  
Proceeds from redemptions of investments 141,142  
Net cash provided by (used in) investing activities 48,450 (552)
Cash flows from financing activities    
Proceeds from preferred stock subscription payable   25,797
Proceeds from the exercise of stock options for common shares 158  
Repayment of finance lease liabilities (18) (87)
Net cash provided by financing activities 140 36,695
Effect of exchange rate changes on cash and cash equivalents (223) 103
Increase in cash and cash equivalents during the period 33,573 29,361
Cash and cash equivalents, beginning of period 97,164 3,022
Cash and cash equivalents, end of period 130,737 32,383
Supplemental noncash investing and financing activities    
Recognition of warrants in connection with convertible notes, net of tax   2,595
Operating lease liabilities obtained in exchange for operating lease assets $ 2,125  
Nonrelated party    
Changes in operating assets and liabilities    
Accrued interest   1,149
Cash flows from financing activities    
Proceeds from issuance of convertible notes   9,335
Related party    
Changes in operating assets and liabilities    
Accrued interest   234
Cash flows from financing activities    
Proceeds from issuance of convertible notes   $ 1,650