v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 53,972 $ 30,629
Short-term investments 216,957 114,108
Accounts receivable, net (allowance for doubtful accounts was $375 for each period) 58 6
Prepaid expenses and other current assets 4,365 3,646
Total current assets 275,352 148,389
Noncurrent assets:    
Property and equipment, net 92,483 76,597
Right-of-use asset, net 2,444 1,500
Intangible assets, in-process research and development 40,000 40,000
Other assets, net 490 486
Total assets 410,769 266,972
Current liabilities:    
Accounts payable and accrued expenses 26,485 20,511
Lease liability 1,069 623
Accrued personnel expenses 3,876 7,489
Note payable 56 56
Total current liabilities 31,486 28,679
Noncurrent liabilities:    
Lease liability, net of current portion 1,552 1,005
Note payable, net of current portion 1,554 1,569
Deferred Income (Note 3) 26,600 26,600
Deferred tax liability 1,702 1,702
Other noncurrent liabilities 437 386
Total liabilities 63,331 59,941
Commitments and contingencies (Note 10)
Stockholders' equity:    
Preferred stock: $0.001 par value; 7,000,000 shares authorized; 5,000,000 designatedSeries B convertible; no shares issued 0 0
Common stock: $0.001 par value; 750,000,000 shares authorized; 114,017,755 and 74,337,990 shares issued 114 74
Additional paid-in capital 708,579 541,687
Accumulated other comprehensive (loss) income (226) 110
Accumulated deficit (361,029) (334,840)
Total stockholders' equity 347,438 207,031
Total liabilities and stockholders' equity $ 410,769 $ 266,972