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 $ (15,952) $ (12,250)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 233 223
Stock-based compensation expense 1,852 300
Noncash financing expenses   3,061
Noncash interest expense 22  
Change in fair value of derivative instruments   2,631
Accretion of discount on short-term investments (15) (22)
Operating lease right-of-use asset amortization 27 44
Gain on sale of assets   (16)
Increases (decreases) in cash caused by changes in operating assets and liabilities:    
Grant receivable (1,439) (450)
Other assets 264 (265)
Accounts payable and accrued expenses 1,778 (5,181)
Change in operating lease liabilities (27) (45)
Other liabilities (113)  
Net cash used in operating activities (13,370) (11,970)
Cash flows from investing activities:    
Purchases of property and equipment (1,317) (10)
Proceeds from sale of property and equipment   30
Purchase of short-term investments (14,049) (7,756)
Sales of short-term investments 7,765  
Redemption of short-term investments 4,434 6,662
Net cash used in investing activities (3,167) (1,074)
Cash flows from financing activities:    
Proceeds from credit facility 1,000  
Repayment of credit facility (1,772) (3,292)
Proceeds from issuance of notes payable and warrants   3,738
Repayment of notes payable   (3,703)
Proceeds from sale of common stock, pre-funded warrants and warrants   15,001
Proceeds from exercise of warrants   882
Proceeds from sale of common stock under Lincoln Park Purchase Agreement   2,795
Proceeds from underwritten public offering 15,000  
Proceeds from Distribution Agreement 1,853  
Payments for commissions and offering costs from Distribution Agreement (71)  
Payment to investors pursuant to Letter Agreement (4,502)  
Offering costs for sale of common stock (1,363) (220)
Net cash provided by financing activities 10,145 15,201
Net change in cash and cash equivalents (6,392) 2,157
Cash, restricted cash and cash equivalents at beginning of period 8,758 76
Cash, restricted cash and cash equivalents at end of period 2,366 2,233
Cash paid during period for:    
Interest   539
Supplemental schedule of non-cash investing and financing activities:    
Exchange of warrants for notes payable   3,694
Redemption of notes by issuance of common stock, pre-funded warrants and warrants   3,512
Unpaid offering cost $ 104 $ 252