v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (47,653) $ (50,140)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,724 2,786
Amortization of debt issuance cost 647 0
Amortization of note issuance costs 2,423 0
Non-cash interest expense 75 75
Non-cash lease expense 948 944
Non-cash income from collaborative arrangements, net (3,482) (2,684)
Stock-based compensation expense 7,186 5,705
Change in fair value of derivative liability (14,671) 0
Loss on extinguishment of debt 2,383 0
Other (54) 29
Changes in assets and liabilities:    
Prepaid expenses and other current assets (1,400) (1,913)
Accounts payable and accrued expenses 3,076 2,105
Lease obligations (933) 90
Net cash used in operating activities (49,731) (43,003)
Cash flows from investing activities    
Purchases of short-term investments (59,625) 0
Purchases of property and equipment (176) (150)
Payment of security deposits 0 (126)
Net cash used in investing activities (59,801) (276)
Cash flows from financing activities    
Proceeds from issuance of common stock and warrants, net 23,352 18,326
Proceeds from issuance of common stock upon exercise of warrants 15,000 0
Payment of equity issuance costs (1,779) 0
Payment of warrant issuance costs (825) 0
Payment of long term debt (32,745) (1,000)
Proceeds from issuance of convertible notes, net of discount 117,000 0
Payment of convertible note issuance costs (4,490) 0
Net cash provided by financing activities 115,513 17,326
Effect of changes in exchange rate on cash and restricted cash 84 10
Net increase (decrease) in cash, cash equivalents and restricted cash 6,065 (25,943)
Cash, cash equivalents and restricted cash at beginning of period 18,887 58,821
Cash, cash equivalents and restricted cash at end of period 24,953 32,879
Supplemental schedule of cash flow information:    
Cash paid for interest 1,286 3,127
Supplemental disclosure of non-cash investing and financing transactions:    
Purchases of property and equipment in accounts payable 0 19
Right-of-use asset related to operating leases $ 0 $ 1,316