v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (34,885) $ (37,726)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,177 2,351
Non‑cash lease expense 722 563
Stock‑based compensation expense 7,167 8,377
Non‑cash interest expense 1,197 0
Gain on change in fair value of warrant liability (140) (2,988)
Loss on change in fair value of derivative liability 1,195 0
Gain on change in fair value of CVR liability (46,100) (18,746)
Changes in operating assets and liabilities:    
Accounts receivable 1,063 150
Prepaid expenses and other assets (1,490) (5,562)
Accounts payable (1,183) 1,999
Accrued expenses and other liabilities (672) (4,647)
Net cash used in operating activities (70,949) (56,229)
Cash flows from investing activities    
Purchases of property and equipment (740) (4,962)
Net cash used in investing activities (740) (4,962)
Cash flows from financing activities    
Proceeds from issuance of long-term debt, net 46,030 0
Equity offering costs 0 (522)
Proceeds from exercise of stock options 789 273
Proceeds from at the market offering, net of commissions and expenses 22,751 0
Distribution of contingent value rights 0 (7,754)
Net cash provided by (used in) financing activities 69,570 (8,003)
Effect of exchange rate changes on cash (45) 34
Net change in cash, cash equivalents, and restricted cash (2,164) (69,160)
Cash and cash equivalents at beginning of period 126,874 214,279
Cash and cash equivalents at end of period 124,710 145,119
Supplemental cash flow information    
Cash paid for interest 1,268 0
Non-cash investing and financing activities    
Purchase of property and equipment not yet paid 0 111
Equity offering costs in accrued liabilities 4 0
Initial fair value of derivative liability recorded in connection with long-term debt $ 7,405 $ 0