v3.26.1
Balance Sheets (Q1) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets:          
Cash and cash equivalents $ 33,336 $ 46,303   $ 37,573  
Prepaid expenses and other current assets 682 629   838  
Prepaid research and development 723 830   1,221  
Total current assets 34,741 47,762   78,815  
Property and equipment, net 826 4,107   9,331  
Right of use assets - operating leases 651 10,168   13,803  
Other assets 244 244   463  
Total assets 36,462 62,281   102,412  
Current liabilities:          
Accounts payable 1,310 1,113   742  
Accrued expenses and other current liabilities 3,895 4,653   6,707  
Non-refundable sublicense and transition services payments 13,750 13,750   8,226  
Operating lease liabilities 1,149 3,567   3,688  
Total current liabilities 20,104 23,083   19,363  
Operating lease liabilities - noncurrent 4,606 20,443   21,788  
Total liabilities 24,710 43,526   41,151  
Commitments and contingencies (note 10)    
Stockholders' equity:          
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding at both March 31, 2026 and December 31, 2025    
Additional paidin capital 724,068 723,512   720,488  
Accumulated deficit (712,316) (704,757)   (659,235)  
Total stockholders' equity 11,752 18,755 $ 46,706 61,261 $ 111,283
Total liabilities and stockholders' equity $ 36,462 $ 62,281   $ 102,412