v3.26.1
CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 99,370 $ 110,823
Accounts receivable 4,000 0
Marketable securities 1,814 4,762
Prepaid expenses 3,503 3,110
Other current assets 6 45
Total current assets 108,693 118,740
Restricted cash 26,477 26,330
Property, equipment, and software—net 1,183 1,425
Intangible assets—net 1,127 1,166
Right-of-use assets—net 5,464 5,805
Investment in equity securities 744 744
Other assets 203 206
Total assets 143,891 154,416
Current liabilities:    
Accounts payable 944 296
Accrued compensation 1,140 4,747
Accrued research and development expenses 3,256 1,714
Lease liabilities 1,557 1,507
Other current liabilities 858 649
Total current liabilities 7,755 8,913
Loan payable 22,419 22,404
Lease liabilities 4,490 4,897
Warrant liability 22,802 15,695
Contract liabilities 10,000 10,000
Other noncurrent liabilities 324 259
Total liabilities 67,790 62,168
Stockholders’ equity:    
Preferred stock: $0.0001 par value— 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock: $0.000005 par value— 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 25,832,913 shares issued and 25,805,898 shares outstanding as of March 31, 2026; 24,115,346 shares issued and 24,088,425 shares outstanding as of December 31, 2025 1 1
Additional paid-in capital 623,681 621,387
Accumulated deficit (546,629) (528,188)
Treasury stock (952) (952)
Total stockholders’ equity 76,101 92,248
Total liabilities and stockholders’ equity $ 143,891 $ 154,416