Annual report [Section 13 and 15(d), not S-K Item 405]

Statements of Cash Flows

v3.26.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (26,555) $ (36,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 34 22
Stock-based compensation expense 2,641 2,350
Change in fair value of warrant liability (2,021) 5,802
Amortization of operating lease right of use asset 538 406
Changes in assets and liabilities:    
Prepaid expense and other current assets (2,884) (820)
Accounts payable and accrued liabilities (2,505) 790
Operating lease liability (565) (397)
Net cash used in operating activities (31,317) (28,575)
Cash flows from investing activities    
Purchases of marketable securities (12,071)
Purchases of property and equipment (24) (72)
Net cash used in investing activities (12,095) (72)
Cash flows from financing activities    
Gross proceeds from secondary public offering 46,582 683
Commissions paid on secondary public offering (1,398)
Deferred cost of at the market offering (160)
Payments on financed insurance policies (212) (527)
Issuance costs related to issuance of Series B-1 preferred stock (3,813)
Proceeds from issuance of Series B-1 preferred stock 50,000
Proceeds from exercise of warrants 1,496
Dividends on preferred stock (1,095)
Net cash provided by financing activities 46,468 45,088
Net increase in cash and cash equivalents 3,056 16,441
Cash and cash equivalents at the beginning of the period 26,142 9,701
Cash and cash equivalents at the end of the period 29,198 26,142
Supplemental cash flow information    
Issuance of Series B-2 preferred stock and common stock upon conversion of Series B-1 preferred stock 46,187
Deferred insurance charges included in prepaid expenses and other current assets 332 267
Cash paid for interest $ 12