Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net loss $ (43,515) $ (35,943)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 5,256 5,161  
Depreciation 337 485  
Non-cash finance lease expense 4,022 1,465  
Non-cash operating lease expense 978 881  
Accretion of operating lease liabilities 81 167  
Amortization of discount on investments (368) 0  
Loss on foreign currency exchange rates 19 29  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (409) (53)  
Other assets (114) (76)  
Accounts payable (269) 1,591  
Accrued and other current liabilities (7,281) (3,538)  
Lease liabilities (1,057) (1,057)  
Accrued and other current liabilities (241) 86  
Net cash used in operating activities (42,561) (30,802)  
Cash flows from investing activities:      
Purchases of property and equipment 0 (785)  
Proceeds from maturities of investments 50,960 0  
Net cash (used in) provided by investing activities 50,960 (785)  
Cash flows from financing activities:      
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs 6,938 0  
Issuance of common stock from ATM offering, net of sales agent commission and fees 22,568 0  
Proceeds from issuance of common stock in connection with the exercise of stock options 32 0  
Principal payments on finance leases (4,271) (552)  
Net cash provided by financing activities 25,267 (552)  
Effect of exchange rate changes on cash and cash equivalents (13) 7  
Net decrease in cash and cash equivalents 33,653 (32,132)  
Cash and cash equivalents—beginning of period 82,982 163,962 $ 163,962
Cash and cash equivalents—end of period 116,635 131,830 $ 82,982
Supplemental disclosures      
Cash paid for interest 877 208  
Right-of-use assets obtained in exchange for finance lease obligations $ 4,841 $ 14,930