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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net loss $ (13,700) $ (34,357)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,313 12,039
Depreciation 58 58
Change in the fair value of warrant liability (9,490) (1,146)
Change in the fair value of convertible promissory notes 0 (2,022)
Transaction costs associated with warrants 776 0
Non-cash interest expense 0 110
Accretion of discount on short-term investment (608) (145)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets (228) 2,997
Accounts payable 601 (1,427)
Accrued expenses and other liabilities (868) (1,837)
Net cash used in operating activities (21,146) (25,730)
Investing activities:    
Purchase of investments (29,002) (6,118)
Maturity of investments 24,587 15,080
Purchases of property and equipment (8) (78)
Net cash provided by (used in) investing activities (4,423) 8,884
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs 27,905 10,340
Acquisition of stock of Graybug, net of cash 0 14,859
Proceeds from exercise of stock options 20 0
Merger transaction costs 0 (4,545)
Proceeds from issuance of common stock from ATM Facility, net of issuance costs 49 246
Net cash provided by financing activities 27,974 20,900
Net increase in cash and cash equivalents 2,405 4,054
Cash and cash equivalents at beginning of period 5,530 1,476
Cash and cash equivalents at end of period 7,935 5,530
Supplemental cash flow information:    
Conversion of Series A, B, C-1, C-2 and D convertible preferred stock to common stock 0 62,071
Issuance of common stock to Graybug stockholders as a result of the Merger 0 29,218
Short-term investments assumed in the Merger 0 9,776
Prepaid expenses and other current assets assumed in the Merger 0 2,096
Accounts payable and accrued liabilities assumed in the Merger 0 2,258
Conversion of C-2 warrants to common stock 0 442
Conversion of convertible promissory notes to common stock 0 3,245
Conversion of convertible promissory note warrants to common stock 0 841
Financing costs included in accounts payable and accrued expenses 78 45
Restricted stock units net settlement 0 297
Reclassification of warrant liability to equity $ 0 $ 216