v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 171,593 $ 213,192
Accounts receivable, net 0 18,000
Prepaid expenses and other current assets 7,413 5,463
Total current assets 179,006 236,655
Property and equipment, net 876 846
Operating lease right-of-use assets 1,271 1,469
Restricted cash 107 107
Other assets 1,498 1,216
Total assets 182,758 240,293
Current liabilities    
Accrued expenses and other current liabilities 7,407 16,344
Deposit liability 5,000 5,000
Deferred revenue 3,117 4,156
Operating lease liability, current 471 435
Total current liabilities 18,537 36,072
Long term liabilities    
Operating lease liability, noncurrent 966 1,209
Total liabilities 19,503 37,281
Commitments and contingencies (Note 13)
Shareholders’ equity:    
Non-voting convertible preferred shares, $0.001 par value; 5,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 2,890 Series A designated shares issued and outstanding as of June 30, 2026 and December 31, 2025 4,000 4,000
Ordinary shares, $0.001 par value; 175,000,000 shares authorized as of June 30, 2026 and December 31, 2025, 27,756,044 and 27,556,767 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 28 28
Additional paid-in capital 379,156 370,793
Accumulated deficit (219,929) (171,809)
Total shareholders' equity 163,255 203,012
Total liabilities and shareholders’ equity 182,758 240,293
Nonrelated Party    
Current liabilities    
Accounts payable 2,542 9,997
Related Party    
Current liabilities    
Related party accounts payable and other current liabilities $ 0 $ 140