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 $ (54,012) $ (4,188)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 285 361
Change in fair value of milestone warrant rights liability (8,280)
Financing Expense Related To Milestone Warrant Rights Liability 2,067
Loss on extinguishment of Azora Therapeutics convertible promissory notes 6,054
Acquired in process research and development 46,185
Change in value of equity method investment 249 262
Change in fair value contingent consideration (150)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 176 145
Accrued expenses (2,354) (137)
Accounts payable 1,655 420
Accounts payable, related party (48)
Net cash used in operating activities (7,975) (3,335)
Cash flows from investing activities:    
Cash receipt from contingent consideration 150
Net cash assumed in the acquisition of Azora Therapeutics 5,282
Net cash provided by investing activities 5,282 150
Cash flows from financing activities:    
Net proceeds from sale of common stock 1,165 3,127
Proceeds from the private placement issuance of pre-funded warrants 26,800
Issuance costs from the private placement issuance of pre-funded warrants (2,441)
Proceeds from warrant exercise, net of expenses 2,222
Net cash provided by financing activities 25,524 5,349
Net increase in cash and cash equivalents 22,831 2,164
Cash and cash equivalents at beginning of period 5,881 3,751
Cash and cash equivalents at end of period 28,712 5,915
Supplemental disclosure of noncash financing information:    
Fair value of Series A convertible preferred stock issued for the acquisition of Azora Therapeutics 38,533
Net liabilities acquired in the acquisition of Azora Therapeutics 9,964
Issuance costs from the private placement issuance of pre-funded warrants included in accounts payable 35
Extinguishment of the Azora Therapeutics convertible promissory notes to pre-funded warrants 5,585
Transaction costs for the acquisition of Azora Therapeutics in accounts payable and accrued liabilities 2,412
Right to purchase Milestone warrants in association with the private placement issuance of the pre-funded warrants $ 32,092