v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows used in operating activities    
Net loss $ (54,680) $ (33,727)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of property and equipment 113 55
Amortization of debt costs 235 208
Accretion of investment discount   (81)
Non-cash interest expense related to senior secured convertible note 1,781 1,678
Non-cash interest expense related to royalty financing obligation 6,838  
Share-based compensation expense 2,620 2,659
Changes in operating assets and liabilities:    
Accounts receivable, net (2,720)  
License receivable 1,546  
Other receivables 920 566
Research and development tax credits receivable (199) (178)
Prepaid expenses 770 1,092
Inventory (4,074)  
Operating lease assets and liabilities (24) (3)
Accounts payable 2,809 996
Accrued liabilities 4,264 217
Deferred revenue 1,034  
Net cash used in operating activities (38,767) (26,518)
Cash flows provided by (used in) investing activities    
Acquisition of property and equipment (71) (17)
Acquisition of short-term investments (79,967) (922)
Redemption of short-term investments 112,000 44,466
Net cash provided by investing activities 31,962 43,527
Cash flows provided by (used in) financing activities    
Proceeds from exercise of options 28 36
Proceeds from Royalty Financing Arrangement 75,000  
Proceeds from issuance of common shares, net of issuance costs 10,890  
Proceeds from exercise of series A warrants, net of issuance costs 17,407  
Proceeds from employee stock purchase plan 184 140
Payment of property and equipment financing (22)  
Cash provided by financing activities 103,487 176
Net increase in cash and cash equivalents 96,682 17,185
Cash and cash equivalents - Beginning of period 73,046 25,314
Cash and cash equivalents - End of period $ 169,728 $ 42,499