v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (29,001) $ (13,483)  
Adjustments to reconcile net loss income to net cash used in operating activities:      
Non-cash interest expense - royalty agreement 4,079 2,764  
Non-cash interest expense - convertible note 0 249  
Change in fair value of derivative liabilities - royalty agreement 275 404  
Change in fair value of derivative liabilities - contingent value right agreement 238 0  
Change in fair value of convertible notes payable 0 568  
Stock-based compensation 4,317 562  
Costs to issue convertible notes 0 129  
Change in operating assets and liabilities:      
Accounts receivable 358 0  
Prepaid expenses and other current assets 1,142 (243)  
Accounts payable 104 2,195  
Accrued expenses and other current liabilities (1,592) 1,408  
Net cash used in operating activities (20,080) (5,447) $ (10,800)
CASH FLOWS FROM FINANCING ACTIVITIES      
Payment of transaction costs in connection with Reverse Merger (1,269) 0  
Proceeds from issuance of convertible notes payable 0 12,433  
Payment of transaction costs to issue convertible notes 0 (129)  
Proceeds from exercise of stock options 658 0  
Net cash (used in) provided by financing activities (611) 12,304  
Effect of exchange rate change on cash and cash equivalents 656 0  
Net (decrease) increase in cash and cash equivalents (20,035) 6,857  
Cash and cash equivalents at beginning of period 83,602 7,350 7,350
Cash and cash equivalents at end of period $ 63,567 $ 14,207 $ 83,602