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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (12,276) $ (14,047)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,639 1,464
Accretion of investment discount (314) (621)
Amortization of debt issuance costs and discount 312 822
Change in fair value of warrant liability (5,094) (3,848)
Change in fair value of derivative liability 0 (196)
Noncash operating lease expense for right-of-use asset 156 131
Changes in operating assets and liabilities:    
Prepaid expenses, other assets, deferred costs, and other 803 4,131
License agreement receivable (9,247) 2,230
License agreement contract asset 9,509 (146)
Accounts payable 1,713 (1,759)
Accrued expenses (1,316) (1,997)
Deferred revenue (652) (870)
Other liabilities (193) (161)
Net cash used in operating activities (14,960) (14,867)
Cash flows from investing activities:    
Purchase of investments 0 (10,719)
Maturity of investments 23,713 17,545
Net cash provided by investing activities 23,713 6,826
Cash flows from financing activities:    
Payment of convertible debt (14,000) 0
Payment of deferred offering costs (110) (40)
Proceeds from employee stock purchase plan issuances 26 25
Net cash used in financing activities (14,084) (15)
Net decrease in cash, cash equivalents, and restricted cash (5,331) (8,056)
Cash, cash equivalents, and restricted cash at beginning of period 16,595 34,593
Cash, cash equivalents, and restricted cash at end of period 11,264 26,537
Supplemental cash flow information:    
Cash paid for interest 420 420
Cash received for interest $ 1,226 $ 1,721