v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 532,899 $ 257,624
Prepaid expenses and other current assets 2,509 2,799
Total current assets 535,408 260,423
Other assets, noncurrent 34 104
Total assets 535,442 260,527
Current liabilities    
Accounts payable 819 444
Accrued expenses and other current liabilities 5,997 2,401
Paramora warrant obligation 4,984 0
Total current liabilities 23,812 20,066
Other liabilities, noncurrent 27 81
Total liabilities 23,839 20,147
Commitments and contingencies (Note 11)
Mezzanine equity, Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; 159 shares issued and outstanding as of March 31, 2026 and December 31, 2025 1,341 1,341
Stockholders’ equity    
Common stock, par value of $0.00001 per share; 500,000,000 shares authorized at March 31, 2026 and 300,000,000 shares authorized at December 31, 2025; 60,303,212 and 1,597,321 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1
Additional paid-in capital 893,542 310,688
Accumulated deficit (515,146) (487,363)
Accumulated other comprehensive income 754 802
Total stockholders’ equity 511,603 240,380
Total liabilities and stockholders’ equity 535,442 260,527
Series B Non-Voting Convertible Preferred Stock    
Stockholders’ equity    
Preferred Stock, Value 117,621 117,621
Series C Non-Voting Convertible Preferred Stock    
Stockholders’ equity    
Preferred Stock, Value 13,490 297,291
Related Party    
Current liabilities    
Related party accounts payable and other current liabilities $ 12,012 $ 17,221