v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 45,766 $ 30,793
Accounts receivable due from SPN - related party 360 2,068
Accounts receivable 157 0
Prepaid expenses and other current assets [1] 3,093 5,813
Total current assets 49,376 38,674
Property and equipment, net 7,635 11,534
Operating lease assets 72,483 80,903
Restricted cash 8,668 8,668
Other non-current assets 31 31
Total assets 138,193 139,810
Current liabilities:    
Accounts payable 1,682 4,079
Accrued expenses and other current liabilities 3,972 10,719
Accrued liabilities due to SPN - related party 3,278 17,750
Operating lease liabilities 10,390 8,674
Total current liabilities 19,322 41,222
Operating lease liabilities, net of current portion 72,576 82,966
Other long-term liabilities 2,077 1,838
Total liabilities 93,975 126,026
Commitments and contingencies (Note 10)
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024 0 0
Common stock, $0.001 par value; 360,000,000 shares authorized at December 31, 2025 and 2024, respectively; 9,556,446 and 8,650,227 shares issued and outstanding at December 31, 2025 and 2024, respectively 10 9
Additional paid-in capital 1,016,611 991,874
Accumulated deficit (972,403) (978,099)
Total stockholders' equity 44,218 13,784
Total liabilities and stockholders' equity $ 138,193 $ 139,810
[1] Includes $0 as of December 31, 2025 and $2,683 as of December 31, 2024 of unbilled receivable from SPN (related party) related to certain costs of the transition services performed by the Company. See Note 3, Discontinued Operations and TSA, for further details.