Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Net loss $ (24,026,000) $ (16,544,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 2,654,000 1,496,000
Amortization of discounts on marketable securities (690,000) (1,013,000)
Non-cash lease expense 61,000 56,000
Depreciation 32,000 28,000
Changes in operating assets and liabilities:    
Amounts receivable (24,000) 79,000
Prepaid expenses and other assets (218,000) 131,000
Deposits 1,108,000 (1,308,000)
Accounts payable 980,000 245,000
Accrued liabilities and operating lease liabilities (1,174,000) 1,188,000
Net cash used in operating activities (21,297,000) (15,642,000)
Cash flows from investing activities:    
Purchase of marketable securities (51,224,000) (39,623,000)
Maturities and sales of marketable securities 41,071,000 43,000,000
Purchase of property and equipment (34,000) (18,000)
Net cash provided by (used in) investing activities (10,187,000) 3,359,000
Cash flows from financing activities:    
Proceeds from the sale of common shares, net of offering costs 31,527,000 11,747,000
Proceed from the exercise of common stock options 722,000 133,000
Deferred offering costs (456,000) 0
Principal payments on finance lease obligations (8,000) (6,000)
Net cash provided by financing activities 31,785,000 11,874,000
Net increase (decrease) in cash and cash equivalents 301,000 (409,000)
Cash and cash equivalents at beginning of period 3,025,000 4,543,000
Cash and cash equivalents at end of period 3,326,000 4,134,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 18,000 20,000
Assets acquired under financing lease $ 0 $ 30,000