Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Summary of Significant Accounting Policies |
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| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
| | | | | | | | | | Fair value measurement at reporting date using | June 30, 2025 | (Level 1) | | (Level 2) | | (Level 3) | Assets: | | | | | | | | | Cash equivalents - money market funds | $ | 12,066,000 | | $ | - | | $ | - | Liabilities: | | | | | | | | | Warrant liabilities - Series A Warrants | $ | - | | $ | - | | $ | 8,000 | | | | | | | | | | December 31, 2024 | | | | | | | | | Assets: | | | | | | | | | Cash equivalents - money market funds | $ | 20,508,000 | | $ | - | | $ | - | Liabilities: | | | | | | | | | Warrant liabilities - Series A Warrants | $ | - | | $ | - | | $ | 13,125,000 | Warrant liabilities - Pre-funded Warrants | $ | - | | $ | 29,369,000 | | $ | - |
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| Schedule of Black-Scholes option pricing model assumptions |
| | | | | | | | June 30, 2025 | | | December 31, 2024
(Issuance date) | Expected term of warrants (years) | | 0.5 year | | | 1 year | Risk-free interest rate | | 4.3% | | | 4.2% | Expected volatility | | 133.5% | | | 126.9% | Dividend yield | | $ - | | | $ - |
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| Schedule of warrant liability activity |
| | | Balance, December 31, 2024 | $ | 42,494,000 | Change in fair value | | (26,513,000) | Reclassification of warrant liability upon exercise of pre-funded warrants | | (6,694,000) | Reclassification of warrant liability upon amendment of warrant agreements | | (9,133,000) | Balance, March 31, 2025 | | 154,000 | Change in fair value | | (146,000) | Balance, June 30, 2025 | $ | 8,000 | | | |
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| Schedule of recognized revenue under license and collaboration agreements |
| | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | Symbio | | | | | | | | | | | | | | Upfront license fee recognition over time | | $ | 2,733,000 | | $ | 57,000 | | $ | 2,790,000 | | $ | 113,000 | |
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| Schedule of deferred revenue |
| | | | | | Symbio | | | Upfront Payment | Deferred balance at December 31, 2024 | | $ | 2,791,000 | Recognition of revenue | | | (2,791,000) | Deferred balance at June 30, 2025 | | $ | — |
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| Schedule of the components of basic and diluted net (loss) income per share |
| | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands except per share amounts) | 2025 | | 2024 | | 2025 | | 2024 | Numerator: | | | | | | | | | | | | Net (loss) income | $ | (915,000) | | $ | (123,143,000) | | $ | 20,575,000 | | $ | (128,126,000) | | | | | | | | | | | | | Net (loss) income attributable to common stockholders | $ | (625,000) | | $ | (20,774,000) | | $ | 14,860,000 | | $ | (34,716,000) | Net (loss) income attributable to Series C Preferred stockholders | $ | (290,000) | | $ | (102,369,000) | | $ | 5,715,000 | | $ | (93,410,000) | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | Weighted-average shares of common stock outstanding, basic | | 5,820,903 | | | 1,012,430 | | | 7,359,825 | | | 927,084 | Restricted stock units | | - | | | - | | | 2,825 | | | - | Stock options | | - | | | - | | | 251,675 | | | - | Weighted-average shares of common stock outstanding, diluted | | 5,820,903 | | | 1,012,430 | | | 7,614,325 | | | 927,084 | | | | | | | | | | | | | Net (loss) income per share of common stock, basic | $ | (0.11) | | $ | (20.52) | | $ | 2.02 | | $ | (37.45) | Net (loss) income per share of common stock, diluted | $ | (0.11) | | $ | (20.52) | | $ | 1.95 | | $ | (37.45) | | | | | | | | | | | | | Weighted-average shares of Series C Preferred outstanding, basic and diluted | | 6,759 | | | 12,473 | | | 7,077 | | | 6,236 | Net (loss) income per share of Series C Preferred, basic and diluted | $ | (42.91) | | $ | (8,207.46) | | $ | 807.55 | | $ | (14,978.34) | | | | | | | | | | | | |
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| Schedule of antidilutive securities which have been excluded from the computation of diluted weighted average shares outstanding |
| | | | | | | June 30, | | | 2025 | | 2024 | Warrants | | 3,919,589 | | 12,309 | Stock Options | | 299,784 | | 442,926 | Unvested restricted stock units | | 22,690 | | 22,620 | Series C Preferred (as converted to common stock) | | 2,694,900 | | — | Redeemable convertible preferred stock (common stock equivalents) | | — | | 4,989,071 | | | 6,936,963 | | 5,466,926 |
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