v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (2,676) $ (10,998)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,101 1,724
Depreciation 14 29
Change in the fair value of warrant liability (6,700) (1,777)
Change in the fair value of promissory note (500) (423)
Promissory note issuance costs 0 335
Gain on sale of equipment (31) 0
Accretion of discount on short-term investments (4) (218)
Changes in operating assets and liabilities:    
Prepaid expenses, other current and non-current assets (337) (11)
Accounts payable (113) (88)
Accrued expenses and other liabilities (230) (121)
Net cash used in operating activities (9,476) (11,548)
Investing activities:    
Purchase of investments 0 (13,940)
Maturity of investments 1,500 12,845
Purchases of property and equipment 0 (14)
Proceeds from sale of fixed assets 42 0
Net cash provided by (used in) investing activities 1,542 (1,109)
Financing activities:    
Proceeds from issuance of common stock 12,000 8
Proceeds from issuance of pre-funded warrants 3,000  
Proceeds from issuance of promissory note, net 0 9,664
Proceeds from issuance of common stock from ATM Facility, net of issuance costs 31 968
Net cash provided by financing activities 15,031 10,640
Net increase (decrease) in cash and cash equivalents 7,097 (2,017)
Cash and cash equivalents at beginning of period 11,520 7,935
Cash and cash equivalents at end of period 18,617 5,918
Supplemental cash flow information:    
Cash paid for interest 641 0
Financing fees included in accounts payable and accrued expenses $ 1,301 $ 0