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v3.25.4

Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
Cash flows from operating activities: |  |  |
Net loss | $ (90,973,000) | $ (24,342,000) | $ (97,217,000)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Stock-based compensation | 19,582,000 | 16,291,000 | 4,586,000
Gain from change in fair value of warrant liabilities | (0) | (108,183,000) | (0)
Depreciation | 903,000 | 952,000 | 1,084,000
Amortization of intangible assets | 33,000 | 180,000 | 446,000
Changes in operating assets and liabilities: |  |  |
Prepaid expenses and other current assets | 6,080,000 | 539,000 | 1,714,000
Operating lease right-of-use assets and liabilities | 0 | 0 | (17,000)
Accounts payable and other accrued expenses | 33,993,000 | (2,919,000) | 6,896,000
Accrued development expense | (2,076,000) | (597,000) | 757,000
Accrued compensation and benefits | 268,000 | 1,157,000 | 30,000
Other liabilities | (62,000) | (7,000) | (304,000)
Net cash used in operating activities | (32,252,000) | (116,929,000) | (82,025,000)
Cash flows from investing activities: |  |  |
Purchases of property and equipment | (581,000) | (103,000) | (414,000)
Net cash used in investing activities | (581,000) | (103,000) | (414,000)
Cash flows from financing activities: |  |  |
Proceeds from issuance of common stock upon exercise of stock options | 90,000 | 918,000 | 2,560,000
Proceeds from exercise of common stock warrants, net of exercise costs | 0 | 123,552,000 | 0
Net cash (used in) / provided by financing activities | (239,000) | 124,470,000 | 2,560,000
Net increase (decrease) in cash and cash equivalents | (33,072,000) | 7,438,000 | (79,879,000)
Cash and cash equivalents at beginning of period | 128,574,000 | 121,136,000 | 201,015,000
Cash and cash equivalents at end of period | 95,502,000 | 128,574,000 | 121,136,000
Non-cash financing activities |  |  |
Issuance of warrants resulting in recognition of warrant liabilities | 0 | 113,363,000 | 0
Derecognition of warrant liabilities upon exercise of warrants | 0 | (5,180,000) | 0
At-the-market 2025 Offering Program [Member] |  |  |
Cash flows from financing activities: |  |  |
2025 ATM offering program costs | $ (329,000) | $ 0 | $ 0

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