v3.25.4
BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 110,823 $ 85,899
Accounts receivable 0 229
Marketable securities 4,762 413
Prepaid expenses 3,110 6,441
Assets held for sale 0 169
Contract asset 0 1,469
Other current assets 45 369
Total current assets 118,740 94,989
Restricted cash 26,330 22,569
Property, equipment, and software—net 1,425 3,089
Intangible assets—net 1,166 622
Right-of-use assets—net 5,805 7,090
Investment in equity securities 744 3,206
Note receivable—net 0 4,602
Other assets 206 221
Total assets 154,416 136,388
Current liabilities:    
Accounts payable 296 1,312
Accrued compensation 4,747 5,182
Accrued research and development expenses 1,714 2,016
Deferred revenue 0 2,957
Lease liabilities 1,507 1,320
Other current liabilities 649 989
Current liabilities of discontinued operations 0 1,204
Total current liabilities 8,913 14,980
Loan payable 22,404 22,321
Deferred revenue 0 23,300
Lease liabilities 4,897 6,404
Warrant liability 15,695 2,796
Contract liabilities 10,000 10,000
Other noncurrent liabilities 259 194
Total liabilities 62,168 79,995
Commitments and contingencies (Note 14)
Stockholders’ equity:    
Preferred stock: $0.0001 par value— 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 0 0
Common stock: $0.000005 par value— 200,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 24,115,346 shares issued and 24,088,425 shares outstanding as of December 31, 2025; 8,229,730 shares issued and 8,202,715 shares outstanding as of December 31, 2024 1 1
Additional paid-in capital 621,387 539,808
Accumulated deficit (528,188) (482,464)
Treasury stock (952) (952)
Total stockholders’ equity 92,248 56,393
Total liabilities and stockholders’ equity $ 154,416 $ 136,388