Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash flows from operating activities      
Net Income (Loss) $ (8,185) $ (2,536) $ (17,400)
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash interest expense - royalty agreement 1,215 805  
Change in fair value of derivative liabilities - royalty agreement 75 58  
Stock-based compensation 1,094 146  
Change in operating assets and liabilities:      
Accounts receivable 358 0  
Prepaid expenses and other current assets 461 54  
Accounts payable 1,124 85  
Accrued expenses and other current liabilities (2,910) 286  
Net cash used in operating activities (6,768) (1,102) (10,800)
Cash flows from financing activities      
Payment of transaction costs in connection with Reverse Merger (1,269) 0  
Proceeds from exercise of stock options 67 0  
Net cash provided by (used in) financing activities (1,202) 0  
Effect of exchange rate change on cash and cash equivalents (6) 0  
Net decrease in cash and cash equivalents (7,976) (1,102)  
Cash and cash equivalents at beginning of year 83,602 7,350 7,350
Cash and cash equivalents at end of year $ 75,626 $ 6,248 $ 83,602