v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 118,641 $ 125,139
Accounts receivable 261 1,115
Prepaid expenses and other current assets 3,137 3,022
Total current assets 122,039 129,276
Property and equipment, net 11,637 12,185
Right-of-use assets, net 5,366 5,601
In-process research and development asset 93,900 93,900
Goodwill 48,163 48,163
Long-term restricted cash 1,735 1,735
Long-term prepaid expenses and other assets 5,551 5,551
Total assets 288,391 296,411
Current liabilities:    
Accounts payable 1,598 1,288
Accrued expenses and other current liabilities 10,161 9,498
Lease liabilities 4,186 4,151
Total current liabilities 15,945 14,937
Lease liabilities, net of current portion 7,669 8,525
Warrant liability 47 141
Contingent value right liability 405,900 392,100
Deferred tax liabilities, net 6,948 6,948
Total liabilities 436,509 422,651
Commitments and contingencies (Note 14)
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 28,544,728 and 26,011,106 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 3 3
Additional paid-in capital 718,017 700,706
Accumulated deficit (861,555) (822,373)
Accumulated other comprehensive loss (4,583) (4,576)
Total stockholders’ deficit (148,118) (126,240)
Total liabilities and stockholders’ deficit 288,391 296,411
Series A Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Series B Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued $ 0 $ 0