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 $ (16,436) $ (23,962)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,508 7,217
Depreciation and amortization 313 491
Non-cash operating lease expense 954 955
Amortization of debt discount and issuance costs 0 116
Net accretion and amortization of investments in marketable securities (511) (158)
Warrant issued for services provided 0 152
Changes in operating assets and liabilities:    
Accounts receivable 0 428
Prepaid expenses and other current assets 480 820
Accounts payable 345 439
Accrued expenses and other current liabilities (806) 558
Deferred revenue (3,416) 0
Other long term assets 0 (47)
Operating lease liabilities (954) (954)
Net cash used in operating activities (15,523) (13,945)
Cash flows from investing activities    
Proceeds from maturities of marketable securities 40,951 26,750
Purchases of marketable securities (57,910) (2,720)
Purchases of property and equipment (47) (88)
Net cash (used in)/provided by investing activities (17,006) 23,942
Cash flows from financing activities    
Proceeds from exercise of warrants for common stock, net of issuance costs 0 3,937
Proceeds from issuance of common stock and pre-funded warrants in connection with the May 2026 Securities Purchase Agreement, net of issuance costs 18,699 0
Exercise of Pre-funded Warrants in connection with the Private Placement, net of issuance costs 5 0
Issuance of common stock under employee stock purchase plan 54 46
Proceeds from employee stock purchase plan 0 5
Proceeds from the exercise of stock options 62 0
Tax withholdings paid on behalf of employees for net share settlement (41) (31)
Repayment of debt 0 (7,500)
Net cash provided by/(used in) financing activities 18,779 (3,543)
Net (decrease)/increase in cash, cash equivalents and restricted cash equivalents (13,750) 6,454
Cash, cash equivalents and restricted cash equivalents, beginning of period 18,818 4,262
Cash, cash equivalents and restricted cash equivalents, end of period 5,068 10,716
Supplemental disclosures of non-cash investing and financing activities    
Interest income receivable included in prepaid expenses and other current assets 171 18
Exchanges of non-corresponding Class A Units of Rani LLC 0 63
May 2026 Securities Purchase Agreement issuance costs included in accounts payable 340 0
Property and equipment purchases included in accounts payable 55 0
Unrealized loss on short-term investments $ (38) $ 0