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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net loss $ (9,442,000) $ (30,211,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,681,000 12,071,000
Depreciation 44,000 39,000
Change in the fair value of warrant liability (7,790,000) (1,146,000)
Change in the fair value of convertible promissory notes 0 (2,022,000)
Transaction costs associated with warrants 776,000 0
Non-cash interest expense 0 110,000
Accretion of discount on short-term investment (492,000) (61,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets (705,000) 2,490,000
Accounts payable 117,000 (1,474,000)
Accrued expenses and other liabilities (363,000) (1,914,000)
Net cash used in operating activities (16,174,000) (22,118,000)
Investing activities:    
Purchase of investments (18,837,000) (2,941,000)
Maturity of investments 19,587,000 14,580,000
Purchases of property and equipment (6,000) (78,000)
Net cash provided by investing activities 744,000 11,561,000
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs 18,983,000 10,340,000
Acquisition of stock of Graybug, net of cash 0 14,859,000
Proceeds from exercise of stock options 20,000 0
Merger transaction costs 0 (4,546,000)
Proceeds from issuance of common stock from ATM Facility, net of issuance costs 49,000 72,000
Net cash provided by financing activities 19,052,000 20,725,000
Net increase in cash and cash equivalents 3,622,000 10,168,000
Cashand cash equivalents at beginning of period 5,530,000 1,476,000
Cash and cash equivalents at end of period 9,152,000 11,644,000
Supplemental cash flow information:    
Conversion of Series A, B, C-1, C-2 and D convertible preferred stock to common stock 0 62,071,000
Issuance of common stock to Graybug stockholders as a result of the Merger 0 29,218,000
Short-term investments assumed in the Merger 0 9,776,000
Prepaid expenses and other current assets assumed in the Merger 0 2,096,000
Accounts payable and accrued liabilities assumed in the Merger 0 2,258,000
Conversion of C-2 warrants to common stock 0 442,000
Conversion of convertible promissory notes to common stock 0 3,245,000
Conversion of convertible promissory note warrants to common stock 0 841,000
Financing costs included in accounts payable 0 297,000
Reclassification of warrant liability to equity $ 0 $ 216,000