v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 57,982 $ 83,602
Accounts receivable 0 358
German research and development tax credit receivable 0 1,978
Prepaid expenses and other current assets 1,005 2,296
Total current assets 58,987 88,234
Operating lease right-of-use assets, net 572 0
Total assets 59,559 88,234
Current liabilities:    
Accounts payable 4,595 4,586
Derivative liabilities - contingent value right liability 2,196 1,978
Current portion of operating lease liability 202 0
Accrued expenses and other current liabilities 4,351 5,474
Total current liabilities 11,344 12,038
Long-term portion of operating lease liability 431 0
Royalty agreement liability 17,760 11,942
Derivative liabilities - royalty agreement 2,041 1,647
Total liabilities 31,576 25,627
Commitments and contingencies (Note 9)
Stockholders' equity:    
Preferred stock, $0.001; 10,000,000 shares authorized; 0 and 15,617 shares issued and outstanding at December 31, 2025 and 2024 0 0
Common stock, $0.001 par value; 200,000,000 shares authorized; 12,380,933 and 11,012,105 shares issued and outstanding at December 31, 2025 and 2024 12 11
Additional paid-in capital 163,338 156,328
Accumulated other comprehensive (loss) income 83 3
Accumulated deficit (135,450) (93,735)
Total stockholders' equity 27,983 62,607
Total liabilities and stockholders' equity $ 59,559 $ 88,234