v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net and comprehensive loss $ (65,535) $ (8,194)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,464 913
Depreciation 13 13
Fair value change in warrant liabilities 51,364 (2,805)
Non-cash interest 69 0
Warrant financing costs 0 1,372
Unrealized loss from short-term investments 0 1
Change in assets and liabilities:    
Accounts receivable 264 483
Contract assets and unbilled receivables 186 534
Prepaids and other current assets (2,139) (865)
Accounts payable 1,155 (718)
Accrued expenses 432 272
Net cash used in operating activities (12,727) (8,994)
Investing activities    
Net cash used in investing activities 0 0
Financing activities    
Proceeds from issuance of Series B preferred stock 25,000 0
Proceeds from issuance of common stock and pre-funded warrants in connection with the March 2025 offering and March 2025 private placement 0 5,980
Proceeds from issuance of warrants in connection with the March 2025 offering and March 2025 private placement 0 15,520
Proceeds from issuance of common stock in connection with the at-the-market program and purchase agreement 2,250 409
Exercise of stock options 738 5
Share repurchases for the payment of employee taxes (33) (36)
Net cash provided by financing activities 27,595 20,465
Net increase in cash and cash equivalents 14,868 11,471
Cash and cash equivalents at beginning of period 45,091 30,321
Cash and cash equivalents at end of period 59,959 41,792
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental non-cash financing transactions:    
Change in unpaid common stock issuance costs 139 0
Unpaid Series B preferred stock issuance costs 111 0
Series B Preferred Stock    
Financing activities    
Payments of stock issuance costs (153) 0
Common Stock    
Financing activities    
Payments of stock issuance costs $ (207) $ (1,413)

Source

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