v3.25.3
Condensed Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ 2,655,000 $ (45,418,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation expense 7,485,000 8,985,000
Gain on sale of business (87,266,000) 0
Discount amortization on short-term investments (696,000) (1,118,000)
Non-cash interest expense 0 38,000
Non-cash lease expense 74,000 345,000
Depreciation expense 78,000 146,000
Changes in operating assets and liabilities:    
Accounts receivable (1,000,000) (1,052,000)
Inventory 170,000 958,000
Prepaid expenses and other current assets (59,000) 2,606,000
Other non-current assets (601,000) 367,000
Operating lease liabilities (89,000) (383,000)
Accounts payable and accrued liabilities (748,000) (10,365,000)
Other liabilities (202,000) 394,000
Net cash used in operating activities (80,199,000) (44,497,000)
Cash flows from investing activities:    
Proceeds from sale of business, net cash, cash equivalents, and restricted cash 101,286,000 0
Purchases of property and equipment (552,000) (1,468,000)
Purchase of short-term investments (125,770,000) (36,483,000)
Maturity of short-term investments 20,081,000 50,020,000
Net cash (used in) provided by investing activities (4,955,000) 12,069,000
Cash flows from financing activities:    
Proceeds from sale of common stock and prefunded warrants in PIPE financing 100,002,000 0
Proceeds from issuance of common stock under employee stock purchase plan 24,000 94,000
Issuance of common stock upon exercise of stock options 26,000 0
Payment of PIPE financing related transaction costs (5,625,000) 0
Deferred offering costs paid for financing (76,000) (17,000)
Net cash provided by financing activities 94,351,000 77,000
Net increase (decrease) in cash, cash equivalents and restricted cash 9,197,000 (32,351,000)
Cash, cash equivalents and restricted cash at beginning of period 28,734,000 62,952,000
Cash, cash equivalents and restricted cash, end of period 37,931,000 30,601,000
Supplemental disclosure of cash flow information:    
Interest paid during the period 0 173,000
Supplemental disclosure of non-cash activities:    
Accrued property and equipment $ 0 $ 428,000