v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (28,495) $ (16,108)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,560 467
Depreciation and amortization 883 13
Non-cash lease expense 143 131
Change in fair value of warrant and conversion option liabilities (524) (619)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,853) 887
Other assets (769) 0
Accounts payable 266 (488)
Accrued expenses and other current liabilities (1,889) (5,400)
Other liabilities (174) (438)
Net cash used in operating activities (30,852) (21,555)
Cash flows from investing activities    
Purchases of property and equipment (145) 0
Net cash used in investing activities (145) 0
Cash flows from financing activities    
Proceeds from issuance of common stock and warrants, gross 69,000 0
Proceeds from debt, gross 14,146 0
Proceeds from issuance of common stock related to employee stock purchase plan 2  
Repayment of debt 0 (811)
Payment of debt and equity offering costs (4,752) 0
Tax withholding payments on restricted stock units (10) 0
Net cash provided by (used in) financing activities 78,386 (811)
Net increase (decrease) in cash, cash equivalents, and restricted cash 47,389 (22,366)
Cash, cash equivalents, and restricted cash at beginning of period 48,942 38,788
Cash, cash equivalents, and restricted cash at end of period 96,331 16,422
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 96,295 16,387
Restricted cash, long-term (included in other assets) 36 35
Total cash, cash equivalents and restricted cash 96,331 16,422
Supplemental cash flow data:    
Cash paid for interest on term loan 623 52
Supplemental disclosure of non-cash investing and financing activities:    
Allocation of debt to warrant liability for warrant and embedded conversion option 7,566 0
Reclassification of debt embedded conversion option to additional paid-in capital $ 3,719 $ 0