v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 21,576 $ 48,277
Total current assets 32,521 58,961
Restricted cash 3,529 3,538
Property and equipment, net 19,593 21,289
Operating lease right-of-use assets 12,845 13,948
Other non-current assets 52 105
TOTAL ASSETS 68,540 97,841
CURRENT LIABILITIES    
Accounts payable 1,020 1,454
Accrued expenses and other current liabilities 3,628 6,385
Operating lease liabilities, current 4,979 4,647
GeneFab sublease deferred income - related party 360 660
Total current liabilities 9,987 13,146
Operating lease liabilities, non-current 26,332 28,891
Other non-current liabilities 7,569 5,049
TOTAL LIABILITIES 43,888 47,086
Commitments and contingencies (Note 13)
Series A redeemable convertible preferred stock, $0.0001 par value; zero and 21,200 shares authorized as of June 30, 2025 and December 31, 2024, respectively; zero and 21,157 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of zero and $147,647 as of June 30, 2025 and December 31, 2024, respectively 0 25,106
STOCKHOLDERS’ EQUITY    
Common stock, $0.0001 par value; 500,000,000 shares authorized as of both June 30, 2025 and December 31, 2024; 26,160,206 and 4,829,035 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 3 1
Additional paid-in capital 350,628 322,782
Accumulated deficit (325,979) (297,134)
TOTAL STOCKHOLDERS’ EQUITY 24,652 25,649
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 68,540 97,841
Nonrelated Party    
CURRENT ASSETS    
Accounts receivable 168 159
Prepaid expenses and other current assets 1,770 2,240
Related Party    
CURRENT ASSETS    
Accounts receivable 3,524 1,646
Prepaid expenses and other current assets $ 5,483 $ 6,639