v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 97,601 $ 43,760
Restricted cash 42 42
Total cash, cash equivalents and restricted cash 97,643 43,802
Short-term investments 233,939 229,696
Accounts and other receivables 1,665 1,219
Income tax and R&D incentive receivables   518
Prepaid expenses and other current assets 1,429 2,957
Total current assets 334,676 278,192
Property and equipment, net 208 312
Other assets 746 1,425
Total assets 335,630 279,929
Current liabilities:    
Accounts payable 1,530 2,717
Accrued expenses and other current liabilities 9,793 12,280
Total current liabilities 11,323 14,997
Term loan, noncurrent 34,505 34,287
Other noncurrent liabilities 5,815 5,753
Total liabilities 51,643 55,037
Commitments and contingencies (Note 10)
Stockholders' equity:    
Common stock, $0.0001 par value; 200,000,000 shares authorized; 130,221,154 and 110,882,735 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 13 11
Additional paid-in capital 961,244 879,292
Accumulated deficit (672,046) (649,483)
Accumulated other comprehensive loss, net (5,224) (4,928)
Total stockholders' equity 283,987 224,892
Total liabilities and stockholders' equity $ 335,630 $ 279,929