v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 106,910 $ 89,245
Accounts receivable 5,000 0
Accounts receivable - related party 0 208
Prepaid expenses and other current assets 2,039 2,106
Total current assets 113,949 91,559
Property and equipment, net 488 433
Operating lease right-of-use assets 5,550 6,000
Restricted cash 688 688
Other assets 34 46
Total assets 120,709 98,726
Current liabilities:    
Accounts payable 889 728
Accrued and other liabilities 6,749 7,912
Lease liabilities, current portion 1,927 1,290
Total current liabilities 9,565 9,930
Lease liabilities, noncurrent portion 4,851 5,349
Tranche liability 235,517 158,662
Warrant liabilities 148,923 112,547
Total liabilities 398,856 286,488
Commitments and contingencies (Note 7)
Stockholders' equity (deficit):    
Preferred stock, $0.0001 par value, 10,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value, 500,000 shares authorized as of March 31,2025 and December 31, 2024; 8,495 and 3,262 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 1 1
Additional paid-in-capital 376,642 339,522
Accumulated deficit (654,790) (527,285)
Total stockholders' equity (deficit) (278,147) (187,762)
Total liabilities and stockholders' equity (deficit) $ 120,709 $ 98,726