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 $ (70,091) $ (71,965)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,060 1,336
Accretion of debt discount and non-cash interest expense 2,023 1,159
Stock-based compensation expense 5,757 5,220
Non-cash lease expense 980 878
Loss on disposal of fixed assets 14 0
Changes in operating assets and liabilities:    
Accounts receivable 0 119
Other receivables 45 (689)
Receivables from related parties 0 23
Prepaid expenses and other current assets (692) 952
Other non-current assets 0 22
Accounts payable 3,829 (953)
Accrued expenses (9,756) (1,412)
Operating lease liability (1,112) (538)
Net cash used in operating activities (67,943) (65,848)
Cash flows from investing activities    
Purchase of property and equipment 0 (21)
Net cash used in investing activities 0 (21)
Cash flows from financing activities    
Proceeds from the issuance of debt 74,992 99,965
Payment of fees associated with debt 0 (125)
Proceeds from the exercise of stock options 2,075 0
Net cash provided by financing activities 77,067 99,840
Net increase in cash and cash equivalents 9,124 33,971
Cash and cash equivalents at beginning of period 124,220 152,596
Cash and cash equivalents at end of period 133,344 186,567
Supplemental disclosure of cash flow information    
Cash paid for interest 6,585 3,842
Cash paid for income taxes 3 2
Supplemental schedule of non-cash investing and financing activities    
Fair value of warrants issued to lender in conjunction with Amended 2025 Loan Agreement (as defined in Note 3) 1,289 1,720
Payable for purchase of fixed assets $ 27 $ 0