v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (32,940) $ (18,730)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 120 135
Stock-based compensation expense 109 2,481
Non-cash lease expense 591 539
Non-cash interest and other expense, net 0 76
Research and development expense funded by related party contribution of services 1,710 0
Acquired in-process research and development 19,927 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (340) 339
Accounts payable 957 2,266
Accrued expenses and other liabilities 70 (3,166)
Interest payable 0 (59)
Operating lease liabilities (581) (348)
Cash used in operating activities (10,377) (16,467)
Investing activities:    
Purchase of property and equipment 0 0
Cash used in investing activities 0 0
Financing activities:    
Proceeds from issuance of common stock, pre-funded warrants and common stock warrants, net of issuance costs 3,025 6,871
Proceeds from the issuance of common stock and common stock warrants to related party, net of issuance costs 424 0
Repayment of loan 0 (6,426)
Proceeds from the issuance of common stock under equity plan awards 0 34
Cash provided by financing activities 3,449 479
Net decrease in cash, cash equivalents and restricted cash (6,928) (15,988)
Cash, cash equivalents and restricted cash at beginning of period 8,150 30,711
Cash, cash equivalents and restricted cash at end of period 1,222 14,723
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 192
Cash paid for business taxes $ 65 $ 22