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 loss $ (13,724) $ (27,503)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 2,922 4,343
Depreciation 82 82
Amortization of intangible assets 254 224
Amortization of operating lease right-of-use assets 268 262
Change in fair value of warrants (23) (315)
Non-cash interest income (50) 0
Non-cash interest expense 19 193
Foreign currency transaction gain/(loss) (1,267) 8,091
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 952 (155)
Research and development incentives receivable (214) 208
Accounts payable (180) (1,589)
Accrued expenses and other liabilities 806 540
Operating lease liabilities (200) (361)
Net cash used in operating activities (10,355) (15,980)
Cash flows from investing activities    
Payments for intangible assets (300) (300)
Purchase of property and equipment 0 (20)
Net cash used in investing activities (300) (320)
Cash flows from financing activities    
Proceeds from exercise of warrants 0 487
Transaction costs on issuance of ordinary shares 0 (199)
Net cash provided by financing activities 0 288
Decrease in cash and cash equivalents (10,655) (16,012)
Cash and cash equivalents at January 1, 40,992 69,802
Effect of exchange rate changes (219) 2,335
Cash and cash equivalents at June 30, 30,118 56,125
Supplemental disclosure    
Cash paid for interest $ 15 $ 14