v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (33,068) $ (22,397)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,625 2,567
Depreciation 40 0
Fair value change in warrant and other derivative liabilities 5,803 0
Non-cash interest 68 0
Unrealized loss from short-term investments 2 12
Warrant financing costs 1,337 0
Change in assets and liabilities:    
Accounts receivable 647 (931)
Contract assets and unbilled receivables 845 (61)
Prepaids and other current assets (300) 670
Accounts payable (797) (1,319)
Accrued expenses (2,622) 3,321
Net cash used in operating activities (25,420) (18,138)
Investing activities    
Net cash used in investing activities 0 0
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants in connection with the March 2025 offering and March 2025 private placement 5,980 0
Proceeds from issuance of warrants in connection with the March 2025 offering and March 2025 private placement 15,520 0
Proceeds from issuance of common stock in connection with the at-the-market program, private placement and purchase agreement 5,626 4,497
Proceeds from funding agreement, related party 1,000 0
Issuance costs (2,203) (186)
Exercise of stock options 27 0
Share repurchases for the payment of employee taxes (36) (42)
Net cash provided by financing activities 25,914 4,269
Net increase (decrease) in cash and cash equivalents 494 (13,869)
Cash and cash equivalents at beginning of period 30,321 50,501
Cash and cash equivalents at end of period 30,815 36,632
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental non-cash financing transactions:    
Conversion of Series A preferred stock into common stock 18,843 0
Change in unpaid issuance costs $ 112 $ 46

Source

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