Quarterly report [Sections 13 or 15(d)]

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ (12,823) $ 570
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 8 8
Loss on disposal of assets 18
Stock-based compensation expense 754 563
Change in fair value of warrant liability 4,780 (8,348)
Amortization of operating lease right of use asset 203 127
Amortization of investments in marketable securities 12
Changes in assets and liabilities:    
Prepaid expense and other current assets (1,267) (2,481)
Accounts payable and accrued liabilities 2,285 791
Operating lease liability (211) (133)
Net cash used in operating activities (6,241) (8,903)
Cash flows from investing activities    
Purchases of marketable securities (5,149)
Purchases of property and equipment (8) (16)
Realized gain on marketable securities 2
Net cash used in investing activities (5,155) (16)
Cash flows from financing activities    
Gross proceeds from secondary public offering 20,174 2,790
Commissions paid on secondary public offering (605) (84)
Payments on financed insurance policies (160)
Net cash provided by financing activities 19,569 2,546
Net increase (decrease) in cash and cash equivalents 8,173 (6,373)
Cash and cash equivalents at the beginning of the period 29,198 26,142
Cash and cash equivalents at the end of the period 37,371 19,769
Supplemental cash flow information    
Initial recognition of right-of-use assets and corresponding lease liabilities 908
Deferred insurance charges included in prepaid expenses and other current assets 142
Deferred preclinical and other charges included in prepaid expenses and other current assets 290
Cash paid for interest $ 6