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 $ (31,996) $ (14,919)
Adjustments to reconcile net loss to cash used in operating activities:    
Increase in fair value of royalty monetization liability 872 0
Noncash consideration received in licensing agreement transaction (733) 0
Unrealized loss on equity investment 0 66
Change in accrued interest and accretion of discount on marketable securities (787) (322)
Stock-based compensation expense 2,477 2,503
Depreciation and amortization expense 51 240
Noncash operating lease expense 630 582
Change in lease liability (704) (657)
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (1,665) (878)
Accounts payable 2,116 760
Accrued expenses (1,754) (3,147)
Deferred revenue 0 718
Net cash used in operating activities (31,493) (15,054)
Cash flows from investing activities:    
Purchase of marketable securities (106,790) (9,845)
Sales/maturities of marketable securities 26,000 27,000
Net cash (used in) provided by investing activities (80,790) 17,155
Cash flows from financing activities:    
Proceeds from sale of shares of common stock and pre-funded warrants, net of expenses 56,184 0
Proceeds from exercise of Series A warrants into shares of common stock and pre-funded warrants, net of expenses 51,805 0
Proceeds from sale of shares of common stock under ATM program, net of expenses 2,367 0
Proceeds from exercise of options and employee stock purchase plan 227 13
Net cash provided by financing activities 110,583 13
Effect of exchange rates on cash, cash equivalents and restricted cash (126) 0
Net (decrease) increase in cash, cash equivalents and restricted cash (1,826) 2,114
Cash, cash equivalents and restricted cash, at beginning of period 15,084 28,232
Cash, cash equivalents and restricted cash, at end of period 13,258 30,346
Noncash investing and financing activities:    
Banking and placement fees in accounts payable and accrued expenses $ 1,285 $ 0