v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets:        
Cash and cash equivalents $ 6,363 $ 4,785 $ 111 $ 1,134
Restricted cash 6 6 5 220
License and service receivable   0 2,359 0
Unbilled receivable   0 359 0
Prepaid expenses and other current assets 2,134 479 142 194
Total current assets 8,503 5,270 2,976 1,548
Property and equipment, net   0 0 35
Operating lease right-of-use asset   0 0 129
Total assets 8,503 5,270 2,976 1,712
Current liabilities:        
Accounts payable 3,028 2,713 5,346 5,699
Accrued expenses 1,236 1,613 1,446 1,161
Current portion of long-term debt, net of unamortized debt discounts 0 1,000 6,516 2,219
Accrued interest on debt 0 35 557 48
Advances from collaboration partners 11,823 11,816 13,347 12,966
Warrant liabilities   0 0 376
Current portion of operating lease liability   0 4 133
Derivative liabilities   0 95 95
Total current liabilities 16,087 17,177 27,311 22,697
Long-term debt, net of current portion   0 0 1,612
Operating lease liability   0 0 2
Total liabilities   17,177 27,311 24,311
Stockholders (Deficit) equity:        
Preferred stock 0 0 0 0
Common stock 5 4 3 3
Additional paid-in capital 296,745 288,669 270,247 268,840
Accumulated deficit (304,334) (300,580) (294,585) (291,442)
Total stockholders' deficit (7,584) (11,907) (24,335) (22,599)
Total liabilities and stockholders' deficit $ 8,503 $ 5,270 $ 2,976 $ 1,712