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 ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (10,042,000) $ (7,707,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 822,000 867,000
Amortization of discounts on marketable securities (190,000) (261,000)
Non-cash lease expense 22,000 20,000
Depreciation 11,000 11,000
Amounts receivable (43,000) (17,000)
Prepaid expenses and other assets (250,000) (422,000)
Deposits 0 1,108,000
Accounts payable 1,818,000 567,000
Accrued liabilities (1,230,000) (1,315,000)
Net cash used in operating activities (9,082,000) (7,149,000)
Cash flows from investing activities:    
Purchase of marketable securities (18,896,000) (6,866,000)
Maturities and sales of marketable securities 16,790,000 13,500,000
Purchase of property and equipment (8,000) (12,000)
Net cash provided by (used in) investing activities (2,114,000) 6,622,000
Cash flows from financing activities:    
Proceed from the exercise of common stock options 420,000 94,000
Principal payments on finance lease obligations (3,000) (3,000)
Net cash provided by financing activities 417,000 91,000
Net increase (decrease) in cash and cash equivalents (10,779,000) (436,000)
Cash and cash equivalents at beginning of period 15,647,000 3,025,000
Cash and cash equivalents at end of period 4,868,000 2,589,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 6,000 $ 6,000