v3.26.1
Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 165,703 $ 22,515
Investments 275,794 212,589
Prepaid clinical trial costs 18,896 6,769
Other current assets 5,266 2,698
Total current assets 465,659 244,571
Property and equipment, net 499 336
Operating lease right-of-use assets 51 216
Other non-current assets 349
Total assets 466,558 245,123
Current liabilities:    
Accounts payable 6,407 9,366
Accrued clinical trial costs 16,826 16,708
Other accrued expenses 20,865 5,477
Operating lease liabilities, current 54 172
Total current liabilities 44,152 31,723
Operating lease liabilities, non-current 54
Convertible debt 195,324
Note payable, non-current 126,527 97,727
Total liabilities 366,003 129,504
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock, $0.001 par value: 2,500,000 shares authorized as of December 31, 2025 and 2024; 0 and 317,577 shares issued and outstanding as of December 31, 2025 and 2024, respectively
Common stock, $0.001 par value: 95,000,000 shares authorized as of December 31, 2025 and 2024; 48,244,960 and 37,143,242 shares issued and outstanding as of December 31, 2025 and 2024, respectively 48 37
Additional paid-in capital 549,404 387,437
Accumulated deficit (448,897) (271,855)
Total stockholders’ equity 100,555 115,619
Total liabilities and stockholders’ equity $ 466,558 $ 245,123