v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net Loss $ (158,245,000) $ (20,739,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 602,000 200,000
Stock-based compensation 23,886,000 2,601,000
Decrease in the carrying amount of right-of-use-assets 735,000 1,478,000
Gain on lease termination (10,000) 0
Issuance of Ascendant liability-classified pre-funded warrants and top-up share obligation 20,119,000 0
Loss on issuance of liability-classified warrants 87,559,000 0
Changes in fair value of financial instruments (24,487,000) 0
Amortization of debt issuance costs 0 18,000
Accretion of final payment on term loans 0 65,000
Changes in operating assets and liabilities:    
Accounts receivable 169,000 413,000
Prepaid expenses and other current assets (1,113,000) (1,545,000)
Deposits 1,109,000 458,000
Foreign withholding tax receivable 0 (1,899,000)
Other payable 271,000 189,000
Accounts payable (201,000) 804,000
Accrued expenses 15,724,000 (1,390,000)
Research and development contract liability (5,335,000) 9,494,000
Operating lease liability (729,000) (1,550,000)
Other assets 0 (184,000)
Net cash used in operating activities (39,946,000) (11,587,000)
Cash flows from investing activities    
Purchases of property and equipment (121,000) (177,000)
Net cash used in investing activities (121,000) (177,000)
Cash flows from financing activities    
Proceeds from ATM offering, net of sales agent commissions and fees 306,000 752,000
Proceeds from issuance of warrants and pre-funded warrants, net of transaction costs 27,548,000 18,046,000
Repayment of term loans 0 (2,000,000)
Proceeds from exercise of stock options 815,000 0
Proceeds from exercise of warrants and pre-funded warrants, net 1,654,000 0
Net cash provided by financing activities 30,323,000 16,798,000
Net (decrease) increase in cash, cash equivalents, and restricted cash (9,744,000) 5,034,000
Cash, cash equivalents, and restricted cash at beginning of period 27,290,000 22,611,000
Cash, cash equivalents, and restricted cash at end of period 17,546,000 27,645,000
Supplemental disclosures of non-cash investing and financing activities:    
Cash paid for interest 0 157,000
Reclassification of May 2026 warrants and pre-funded warrants to equity (94,186,000) 0
Reclassification of Ascendant pre-funded warrants to equity (13,275,000) 0
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 2,226,000