v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (51,955) $ (16,109)
Adjustments to reconcile net loss to net cash used in operating activities:    
Milestone liability change in fair value (754)  
Change in fair value of Sermonix pre-funded warrant 16,320  
Stock-based compensation 3,843 3,234
Depreciation expense 458 486
Non-cash lease expense 149 132
Amortization of premiums and accretion of discounts on available-for-sale securities, net (488) (192)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and long-term assets, net (2,614) 1,164
Accounts payable and accrued liabilities (2,224) (10,179)
Operating lease liability (226) (200)
Other long-term liabilities (370)  
Net cash used in operating activities (37,861) (21,664)
Investing activities    
Purchases of available-for-sale securities (30,840) (16,269)
Maturities of available-for-sale securities 31,634 9,359
Net cash (used in) provided by investing activities 794 (6,910)
Financing activities    
Proceeds from issuance of common stock under employee stock purchase plan 114 24
Net cash provided by financing activities 114 24
Net increase (decrease) in cash, cash equivalents and restricted cash (36,953) (28,550)
Cash, cash equivalents and restricted cash, beginning of period 69,907 49,069
Cash, cash equivalents and restricted cash, end of period $ 32,954 $ 20,519