v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net loss $ (8,581) $ (8,593) $ (32,780) $ (19,209)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     16 101
Non-cash lease expense     684 620
Stock-based compensation expense     1,144 2,299
Non-cash activity related to the sale of future royalties     0 3
Issuance costs associated with warrant liabilities     1,406 0
Change in fair value of warrant liabilities (1,297) 0 11,460 0
Changes in operating assets and liabilities:        
Accounts receivable     0 597
Prepaid expenses and other assets     308 854
Accounts payable and accrued liabilities     (311) 119
Operating lease liability     (574) (645)
Total adjustments     14,133 3,948
Net cash used in operating activities     (18,647) (15,261)
Cash flows from investing activities:        
Net cash provided by investing activities     0 0
Cash flows from financing activities:        
Proceeds from issuance of common stock, preferred stock, pre-funded warrants, and common warrants, net of issuance costs     18,659 9,422
Payment of liability of future royalties, net of imputed interest     0 (4,020)
Net cash provided by financing activities     18,659 5,402
Net increase (decrease) in cash and cash equivalents and restricted cash     12 (9,859)
Cash and cash equivalents and restricted cash, beginning of period     5,605 20,541
Cash and cash equivalents and restricted cash, end of period 5,617 10,682 5,617 10,682
Supplemental cash flow data:        
Reclassification of January 2026 Series A Common Warrants and January 2026 Series C Common Warrants liability to equity     28,599 0
Conversion of preferred stock to common stock and pre-funded warrants upon shareholder approval, net of issuance costs     2,261 0
Issuance costs in accounts payable and accrued expenses     56 808
Cash paid for interest     0 802
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 5,073 10,138 5,073 10,138
Restricted cash 544 544 544 544
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,617 $ 10,682 $ 5,617 $ 10,682