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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 39,220 $ 55,699
Accounts receivable 1,145 1,070
Marketable securities 23,731 46,361
Research and development incentive receivable 720 640
Inventory 3,170 2,817
Prepaid expenses and other current assets 4,956 5,588
Total current assets 72,942 112,175
Property and equipment, net 254 776
Goodwill 17,351 17,351
Intangible asset, net 9,625 10,000
Right-of-use assets 2,646 4,065
Other assets 2,350 2,080
Total assets 105,168 146,447
Current liabilities:    
Accounts payable 7,709 8,621
Accrued expenses (Note 9) 13,065 23,005
Deferred revenue 754 0
Current portion of lease liability 1,368 1,251
Total current liabilities 22,896 32,877
Long-term debt, including accretion, net of discount (Note 10) 75,841 75,425
Lease liabilities 815 1,410
Warrant liability (Note 5) 283 13,755
Deferred revenue 827 0
Other liabilities 535 831
Total liabilities 101,197 124,298
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.001 par value. 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 7,959,947 and 5,698,231 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 8 6
Additional paid-in capital 544,915 537,620
Accumulated other comprehensive loss (138) (122)
Accumulated deficit (540,814) (515,355)
Total stockholders’ equity 3,971 22,149
Total liabilities and stockholders’ equity $ 105,168 $ 146,447