v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 206,394 $ 57,982
Short-term investments 55,459 0
Prepaid expenses and other current assets 1,378 1,005
Total current assets 263,231 58,987
Operating lease right-of-use assets, net 528 572
Total assets 263,759 59,559
Current liabilities:    
Accounts payable 5,443 4,595
Derivative liabilities - contingent value right liability 0 2,196
Current portion of operating lease liability 209 202
Accrued expenses and other current liabilities 3,463 4,351
Total current liabilities 9,115 11,344
Long-term portion of operating lease liability 375 431
Royalty agreement liability 19,799 17,760
Derivative liabilities - royalty agreement 2,157 2,041
Total liabilities 31,446 31,576
Commitments and contingencies (Note 8)
Stockholders' deficit:    
Common stock, $0.001 par value; 200,000,000 shares authorized; 14,313,659 and 12,380,933 shares issued and outstanding at March 31, 2026 and December 31, 2025 14 12
Additional paid-in capital 383,421 163,338
Accumulated other comprehensive (loss) income 95 83
Accumulated deficit (151,217) (135,450)
Total stockholders' equity 232,313 27,983
Total liabilities and stockholders' equity $ 263,759 $ 59,559