v3.26.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Restricted Cash
Restricted Cash
(in thousands)As of March 31, 2026As of December 31, 2025
Letter of credit security: Vienna Austria lease$— $224 
Letter of credit security: Boston lease579 579 
Total restricted cash$579 $803 
In connection with the Company’s lease agreements for its facilities in Boston, Massachusetts, the Company maintains a letter of credit, which is secured by restricted cash, for the benefit of the respective landlord. As of December 31, 2025, restricted cash related to the Company’s former Vienna, Austria lease, which the Company terminated effective November 30, 2025, is included in other current assets and was subsequently converted to unrestricted cash during the three months ended March 31, 2026. Restricted cash related to the Boston lease is also included in other current assets.
Schedule of Cash, Cash Equivalents, and Restricted Cash
(in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$216,908 $217,049 
Restricted cash, current (included within prepaid expenses and other current assets)579 803 
Total cash, cash equivalents and restricted cash$217,487 $217,852 
Schedule of Assets Measured at Fair Value
Fair Value Measurements as of March 31, 2026 Using:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents—money market funds$214,009 $— $— $214,009 
Marketable securities— U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes— 16,812 — 16,812 
$214,009 $16,812 $— $230,821 

Fair Value Measurements as of December 31, 2025 Using:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents—money market funds$123,838 $— $— $123,838 
Marketable securities—U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes— 35,949 — 35,949 
$123,838 $35,949 $— $159,787 
Schedule of Debt Securities, Available-for-Sale
The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of March 31, 2026:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$3,991 $— $— $3,991 
Federal Government Agency securities12,824 — 3 12,821 
Total available-for-sale debt securities$16,815 $— $3 $16,812 
The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of December 31, 2025:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$7,959 $3 $— $7,962 
Federal Government Agency securities27,980 11 4 27,987 
Total available-for-sale debt securities$35,939 $14 $4 $35,949 
Schedule of Liabilities Measured at Fair Value
Liabilities Measured at Fair Value
The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements as of March 31, 2026 Using:
(in thousands)Level 1Level 2Level 3Total
Liabilities: 
Embedded derivative liability$— $— $10 $10 
Class C warrant liability — — 897 897 
$— $— $907 $907 

Fair Value Measurements as of December 31, 2025 Using:
(in thousands)Level 1Level 2Level 3Total
Liabilities:
Embedded derivative liability$— $— $10 $10 
Class C warrant liability— — 977 977 
$— $— $987 $987 
Summary of Aggregate Fair Values of Warrant Liability and Derivative Liability
The following table provides a roll-forward for the three months ended March 31, 2026 of the aggregate fair values of financial instruments for which fair values are determined using Level 3 inputs:
(in thousands)Embedded Derivative LiabilityClass C Warrant LiabilityTotal
Balance as of December 31, 2025$10 $977 $987 
Change in fair value— 80 80 
Balance as of March 31, 2026
$10 $897 $907 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The Company calculated the fair value of the Class C Warrants using the Black-Scholes option pricing model, with the following inputs:
March 31, 2026
December 31, 2025
Common stock price$4.13$4.00
Risk-free interest rate3.8 %3.5 %
Expected term (in years)1.71.9
Expected volatility138.1 %136.0 %
Expected dividend yield— %— %
Summary of Stock-Based Compensation Expense Classification
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive (loss) income as follows:
Three Months Ended March 31,
(in thousands)20262025
Research and development expense$715 $259 
General and administrative expense1,698 260 
Total stock-based compensation$2,413 $519 
Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders
Basic and diluted net (loss) income per share was calculated as follows:
Three Months Ended March 31,
(in thousands, except share and per share data)20262025
Numerator:
Net (loss) income
$(20,241)$282 
Denominator:
Weighted average shares outstanding—basic
126,288,723 6,840,035 
Net (loss) income per share— basic
$(0.16)$0.04 
Effective of dilutive securities
Time-based restricted stock units— 14,328 
Employee stock purchase plan— 14,721 
Dilutive potential common shares— 29,049 
Weighted average shares outstanding-—diluted
126,288,723 6,869,084 
Net (loss) income per share— diluted
$(0.16)$0.04 
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders
The Company excluded the following potential shares of common stock from the computation of diluted net (loss) income per share for the periods indicated because including them would have had an anti-dilutive effect:
Three Months Ended March 31,
(in thousands)20262025
Options to purchase shares of common stock15,856 325 
Unvested restricted stock units54 249 
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)
2,546 2,546 
18,456 3,120