v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (39,571) $ (51,898)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 204 321
Amortization of right-of-use assets, operating leases 924 857
Amortization of debt discount 217 75
Non-cash interest expense 107 232
Costs expensed upon the issuance of warrants 0 549
Change in fair value of warrant liabilities 1,915 3,886
Loss on issuance of warrants 0 3,502
Stock-based compensation 2,697 1,452
Gain on disposal of property and equipment 0 (3)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,149 835
Other long-term prepaid assets (170) 2,233
Accounts payable (366) (3,331)
Accrued expenses (1,988) 4,658
Deferred research obligation (1,169) 475
Operating lease liability (901) (911)
Net cash used in operating activities (36,952) (37,068)
Cash flows from investing activities    
Purchases of property and equipment (16) (87)
Proceeds from sale of property and equipment 0 3
Net cash used in investing activities (16) (84)
Cash flows from financing activities    
Proceeds from the exercise of common stock warrants 1,293 0
Proceeds from June 2025 Promissory Note, net of issuance costs 9,866 0
Proceeds from issuance of common stock warrants from March 2024 Offering 0 5,985
Proceeds from issuance of common stock warrants from July 2024 Public Offering 0 11,484
Proceeds from issuance of common stock from at-the-market offerings, net of issuance costs. 16,244 4,555
Proceeds from issuance of common stock from July 2024 Public Offering 0 1,080
Payment of warrant issuance costs 0 (549)
Proceeds from issuance of Convertible Note, net of issuance costs 0 19,727
Proceeds from issuance of common stock and common warrants from January 2025 Offering 9,143 0
Proceeds from exercise of stock options 149 39
Net cash provided by financing activities 36,695 42,321
Effect of foreign currency on cash 48 22
Net (decrease) increase in cash, cash equivalents and restricted cash (225) 5,191
Cash, cash equivalents and restricted cash at the beginning of the year 19,492 14,301
Cash, cash equivalents and restricted cash at the end of the year 19,267 19,492
Components of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 18,563 17,618
Restricted cash 704 1,874
Total cash, cash equivalents and restricted cash 19,267 19,492
Supplemental disclosure of noncash investing and financing activities:    
Fair value of pre-funded warrants at issuance date 0 13,382
Fair value of common warrants at issuance date 0 6,509
Fair value of common warrants upon settlement 2,126 0
Accretion of promissory note to face value 0 26
Fair value of common warrants issued with January 2025 Offering 9,719 0
Fair value of common warrants issued with June 2025 Promissory Note 641 0
Non-cash vesting of restricted common stock 0 25
Conversion of related-party senior note and interest into common stock $ 20,176 $ 0