Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Net loss $ (32,766,000) $ (24,444,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 3,846,000 2,085,000
Amortization of discounts on marketable securities (942,000) (1,343,000)
Non-cash lease expense 82,000 75,000
Depreciation 43,000 39,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (254,000) 184,000
Amounts receivable (22,000) 133,000
Deposits 1,308,000 (1,308,000)
Accounts payable 535,000 14,000
Accrued liabilities (892,000) 2,489,000
Net cash used in operating activities (29,062,000) (22,076,000)
Cash flows from investing activities:    
Purchase of marketable securities (59,278,000) (50,411,000)
Maturities and sales of marketable securities 57,126,000 59,000,000
Purchase of property and equipment (40,000) (25,000)
Net cash provided by (used in) investing activities (2,192,000) 8,564,000
Cash flows from financing activities:    
Proceeds from the sale of common shares, net of offering costs 43,282,000 11,747,000
Proceed from the exercise of common stock options 1,004,000 256,000
Principal payments on finance lease obligations (10,000) (9,000)
Deferred financing costs, net (400,000) 0
Net cash provided by financing activities 43,876,000 11,994,000
Net increase (decrease) in cash and cash equivalents 12,622,000 (1,518,000)
Cash and cash equivalents at beginning of period 3,025,000 4,543,000
Cash and cash equivalents at end of period 15,647,000 3,025,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 28,000 26,000
Assets acquired under financing lease $ 0 $ 30,000