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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net loss $ (18,802) $ (9,442)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,349 1,681
Depreciation 41 44
Change in the fair value of warrant liability (177) (7,790)
Change in the fair value of promissory notes (23) 0
Promissory note issuance costs 336 0
Transaction costs associated with warrants 0 776
Accretion of discount on short-term investment (307) (492)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets 281 (705)
Accounts payable (884) 117
Accrued expenses and other liabilities 860 (363)
Net cash used in operating activities (16,326) (16,174)
Investing activities:    
Purchase of investments (15,420) (18,837)
Maturity of investments 17,845 19,587
Purchases of property and equipment (22) (6)
Net cash provided by investing activities 2,403 744
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs 8 18,983
Proceeds from exercise of stock options 25 20
Proceeds from issuance of promissory note payable, net 9,664 0
Proceeds from issuance of common stock from ATM Facility, net of issuance costs 1,761 49
Net cash provided by financing activities 11,458 19,052
Net (decrease) increase in cash and cash equivalents (2,465) 3,622
Cash and cash equivalents at beginning of period 7,935 5,530
Cash and cash equivalents at end of period 5,470 9,152
Supplemental cash flow information:    
Stock issuance costs in accounts payable 28 0
Equipment purchases included in accounts payable $ 4 $ 0