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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (52,124) $ (68,949)
Adjustments to reconcile net loss to net cash used in operating activities:    
In-process research and development costs acquired in connection with the acquisition of Flame   29,582
Depreciation expense 5 11
Stock-based compensation expense 3,957 3,875
Foreign currency transaction loss 18 953
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (24) 83
Research and development incentive receivable   1,279
Accounts payable and accrued expenses 2,573 (1,006)
Right-of-use asset 307 306
Income tax payable 708  
Lease liability (307) (308)
Other assets 100 801
Net cash used in operating activities (44,787) (33,373)
Cash flows from investing activities:    
Cash acquired in connection with the acquistion of Flame   50,362
Payment of direct and incremental costs of the asset acquisition   (1,393)
Net cash provided by investing activities   48,969
Cash flows from financing activities:    
Proceeds from April 2024 Private Placement 39,999  
Payment of deferred offering costs (2,948)  
Payment of redemption of 2019 warrants   (29)
Payment of fractional shares   (1)
Proceeds from the exercise of stock options 29  
Net cash provided by (used in) financing activities 37,080 (30)
Effect of exchange rate changes on cash and cash equivalents (113) (323)
Net (decrease) increase in cash and cash equivalents (7,820) 15,243
Cash and cash equivalents at beginning of period 70,643 65,500
Cash and cash equivalents at end of period 62,823 80,743
Supplemental disclosure of non-cash financing activities:    
Remeasurement of right-of-use asset and lease liability 420  
Dividend attributable to the down round feature of 2017 Warrants $ 234  
Issuance and conversion of Series X Preferred Stock issued in connection with the acquisition of Flame to common stock   67,715
Reclassification of Series X Preferred Stock Warrants from liability to equity   78
Issuance of common stock in connection with the acquisition of Flame   9,805
Issuance of warrants for the purchase of common stock in connection with the acquisition of Flame   13
Net liabilities assumed from acquistion of Flame   $ 928