v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 28,367 $ 34,690
Marketable securities 66,033 71,822
Accounts receivable, net 84 95
Inventory 277 310
Prepaid expenses and other current assets 1,448 994
Total current assets 96,209 107,911
Property and equipment, net 1,848 1,715
Right-of-use assets 1,337 1,496
Strategic investments   2,495
Deposits and other assets 1,264 1,240
TOTAL ASSETS 100,658 114,857
CURRENT LIABILITIES:    
Accounts payable 6,313 6,095
Accrued expenses and other liabilities 6,594 9,890
Operating lease liability, current portion 785 751
Total current liabilities 13,692 16,736
Royalty purchase agreement 17,787 16,482
Loan payable 14,333 14,268
Derivative liability 2,784 2,749
Operating lease liability, less current portion 730 936
Other long-term liabilities 367 308
TOTAL LIABILITIES 49,693 51,479
Series A Preferred Stock, $0.0001 par value per share; 200,000 issued and outstanding at March 31, 2026 and December 31, 2025; aggregate liquidation preference of $20,000 9,773 9,808
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value, 10,000,000 shares authorized;
Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 58,630,715 and 57,032,963 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. 6 6
Additional paid-in capital 424,496 416,083
Accumulated other comprehensive (loss) income (40) 60
Accumulated deficit (383,270) (362,579)
TOTAL STOCKHOLDERS' EQUITY 41,192 53,570
TOTAL LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS' EQUITY $ 100,658 $ 114,857