v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (15,614) $ (14,871)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,809 1,791
Depreciation 27 0
Fair value change in warrant and other derivative liabilities (3,722) 0
Unrealized loss from short-term investments 2 10
Warrant financing costs 1,337 0
Change in assets and liabilities:    
Accounts receivable 164 (432)
Contract assets and unbilled receivables 1,031 459
Prepaids and other current assets (918) (15)
Accounts payable (1,703) (1,519)
Accrued expenses and other liabilities (1,676) 1,569
Net cash used in operating activities (19,263) (13,008)
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 and purchase agreement 409 4,041
Proceeds from Related Party Debt 1,000 0
Issuance costs (1,507) (83)
Exercise of stock options 5 0
Share repurchases for the payment of employee taxes (36) (42)
Net cash provided by financing activities 21,371 3,916
Net increase (decrease) in cash and cash equivalents 2,108 (9,092)
Cash and cash equivalents at beginning of period 30,321 50,501
Cash and cash equivalents at end of period 32,429 41,409
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 $ 477 $ 107

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