v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 92,310 $ 52,315
Marketable securities, current 30,817 86,044
Prepaid expenses and other current assets 6,860 5,201
Total current assets 129,987 143,560
NON-CURRENT ASSETS:    
Property and equipment, net 1,256 792
Operating lease right-of-use asset 1,421 1,530
Other assets 2,999 2,999
Total noncurrent assets 5,676 5,321
TOTAL ASSETS 135,663 148,881
CURRENT LIABILITIES:    
Accounts payable 3,147 3,758
Accrued liabilities 8,133 9,889
Operating lease liability 507 444
Total current liabilities 11,787 14,091
NON-CURRENT LIABILITIES:    
Term loan 14,808 0
Operating lease liability, noncurrent 1,092 1,225
TOTAL LIABILITIES 27,687 15,316
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS' DEFICIT    
Common stock, $0.001 par value; 585,000,000 and 575,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 1,232,442 and 1,227,186 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 24 24
Additional paid-in capital 27,950 26,548
Accumulated other comprehensive income 12 134
Accumulated deficit (292,231) (265,362)
Total stockholders' deficit (264,245) (238,656)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT 135,663 148,881
Series A Convertible Preferred Stock [Member]    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
REDEEMABLE CONVERTIBLE PREFERRED STOCK 49,176 49,176
Series B Convertible Preferred Stock [Member]    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
REDEEMABLE CONVERTIBLE PREFERRED STOCK 35,376 35,376
Series C-1 Preferred Stock    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
REDEEMABLE CONVERTIBLE PREFERRED STOCK 174,494 174,494
Series C-2 Convertible Preferred Stock [Member]    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
REDEEMABLE CONVERTIBLE PREFERRED STOCK 13,406 13,406
Series D Convertible Preferred Stock [Member]    
REDEEMABLE CONVERTIBLE PREFERRED STOCK    
REDEEMABLE CONVERTIBLE PREFERRED STOCK $ 99,769 $ 99,769