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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities      
Net loss $ (12,718) $ (19,357)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash interest expense on liability related to the sales of future royalties, net of issuance costs accretion 5,435 4,743 $ 9,779
Depreciation 169 72  
Share-based compensation expense 1,415 2,182  
Change in fair value of warrant liabilities (1,927) (1,206)  
Issuance costs allocated to warrant liabilities 0 787  
Amortization and accretion of available-for-sale investments, net 0 (109)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (1,155) 795  
Other assets and liabilities (25) (497)  
Accounts payable and accrued liabilities (includes $254 to a related party for the six months ended June 30, 2024) (1,753) (1,091)  
Deferred revenue 0 150  
Net cash used in operating activities (10,559) (13,531)  
Investing activities      
Acquisition of property and equipment (9) (480)  
Purchase of short-term investments 0 (11,014)  
Net cash used in investing activities (9) (11,494)  
Financing activities      
Proceeds from issuance of common stock and warrants under registered direct offering, net of issuance costs 0 13,860  
Proceeds from at-the-market sales agreement, net of issuance costs 1,411 450  
Payments (1,500) 0  
Proceeds from exercise of stock options 0 12  
Proceeds from shares issued under employee stock purchase plan 13 21  
Net cash (used in) provided by financing activities (76) 14,343  
Net decrease in cash and cash equivalents (10,644) (10,682)  
Cash and cash equivalents, beginning of period 20,020 28,920 28,920
Cash and cash equivalent, end of period 9,376 18,238 $ 20,020
Supplemental disclosure      
Purchase of property and equipment included in accrued liabilities $ 0 $ 4