v3.25.1
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 77,223 $ 85,899
Accounts receivable 4 229
Marketable securities   413
Prepaid expenses 4,591 6,441
Assets held for sale 169 169
Contract asset   1,469
Other current assets 116 369
Total current assets 82,103 94,989
Restricted cash 22,566 22,569
Property, equipment, and software—net 2,717 3,089
Intangible assets—net 607 622
Right-of-use assets—net 6,780 7,090
Investment in equity securities 3,206 3,206
Note receivable—net 6,217 4,602
Other assets 215 221
Total assets 124,411 136,388
Current liabilities:    
Accounts payable 924 1,312
Accrued compensation 1,285 5,182
Accrued research and development expenses 1,307 2,016
Deferred revenue 5,731 2,957
Lease liabilities 1,365 1,320
Other current liabilities 896 989
Current liabilities of discontinued operations 885 1,204
Total current liabilities 12,393 14,980
Loan payable 22,337 22,321
Deferred revenue 20,501 23,300
Lease liabilities 6,046 6,404
Warrant liability 3,600 2,796
Contract liabilities 10,000 10,000
Other noncurrent liabilities 197 194
Total liabilities 75,074 79,995
Stockholders’ equity:    
Preferred stock: $0.0001 par value 10,000,000 shares authorized as of March 31, 2025 and December 31, 2024; no shares issued and outstanding as of March 31, 2025 and December 31, 2024
Common stock: $0.000005 par value 200,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 10,575,867 shares issued and 10,548,852 shares outstanding as of March 31, 2025; 8,229,730 shares issued and 8,202,715 shares outstanding as of December 31, 2024 1 1
Additional paid-in capital 553,317 539,808
Accumulated deficit (503,029) (482,464)
Treasury stock (952) (952)
Total stockholders’ equity 49,337 56,393
Total liabilities and stockholders’ equity $ 124,411 $ 136,388