v3.26.1
CCONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
Total
Series B Redeemable Convertible Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2024 $ 38,386,000     $ 300,451,000 $ (262,052,000) $ (13,000)
Beginning balance, shares at Dec. 31, 2024     1,258,940      
Stock-based compensation expense 461,000     461,000    
Surrender of shares for tax withholding (3,000)     (3,000)    
Surrender of shares for tax withholding, shares     (390)      
Vesting of restricted stock shares, shares     1,768      
Unrealized gain (loss) on marketable securities 7,000         7,000
Net loss (6,864,000)       (6,864,000)  
Ending balance at Mar. 31, 2025 31,987,000     300,909,000 (268,916,000) (6,000)
Ending balance, shares at Mar. 31, 2025     1,260,318      
Beginning balance at Dec. 31, 2024 38,386,000     300,451,000 (262,052,000) (13,000)
Beginning balance, shares at Dec. 31, 2024     1,258,940      
Unrealized gain (loss) on marketable securities 2,000          
Exercise of options into common stock 0          
Net loss (11,800,000)          
Ending balance at Jun. 30, 2025 27,314,000     301,177,000 (273,852,000) (11,000)
Ending balance, shares at Jun. 30, 2025     1,261,290      
Beginning balance at Mar. 31, 2025 31,987,000     300,909,000 (268,916,000) (6,000)
Beginning balance, shares at Mar. 31, 2025     1,260,318      
Stock-based compensation expense 264,000     264,000    
Employee stock purchase plan expense, Shares     1,004      
Employee stock purchase plan expense 5,000     5,000    
Cash-in-lieu of fractional shares for reverse stock split, shares     (32)      
Cash-in-lieu of fractional shares for reverse stock split (1,000)     (1,000)    
Unrealized gain (loss) on marketable securities (5,000)         (5,000)
Net loss (4,936,000)       (4,936,000)  
Ending balance at Jun. 30, 2025 27,314,000     301,177,000 (273,852,000) (11,000)
Ending balance, shares at Jun. 30, 2025     1,261,290      
Beginning balance at Dec. 31, 2025 18,592,000     301,728,000 (283,137,000) 1,000
Beginning balance, shares at Dec. 31, 2025     1,261,685      
Convertible Preferred Stock, Beginning balance at Dec. 31, 2025 0          
Convertible Preferred Stock, Beginning balance, shares at Dec. 31, 2025   0        
Stock-based compensation expense 12,898,000     12,898,000    
Vesting of restricted stock shares, shares     1,505      
Unrealized gain (loss) on marketable securities (25,000)         (25,000)
Issuance of Series B redeemable convertible preferred stock in connection with the acquisition of Faeth Therapeutics   $ 145,384,000        
Issuance of Series B redeemable convertible preferred stock in connection with the acquisition of Faeth Therapeutics, shares   10,497        
Fair value of the Assumed Options that relates to the pre-combination service period 452,000     452,000    
Issuance of Series B redeemable convertible preferred stock in connection with private placement, net of issuance costs   $ 183,092,000        
Issuance of Series B redeemable convertible preferred stock in connection with private placement, net of issuance costs, shares   14,440        
Exercise of options into common stock 1,033,000     1,033,000    
Exercise of options into common stock, shares     77,143      
Net loss (170,236,000)       (170,236,000)  
Ending balance at Mar. 31, 2026 (137,286,000)     316,111,000 (453,373,000) (24,000)
Ending balance, shares at Mar. 31, 2026     1,340,333      
Convertible Preferred Stock, Ending Balance at Mar. 31, 2026   $ 328,476,000        
Convertible Preferred Stock, Ending Balance, shares at Mar. 31, 2026   24,937        
Beginning balance at Dec. 31, 2025 18,592,000     301,728,000 (283,137,000) 1,000
Beginning balance, shares at Dec. 31, 2025     1,261,685      
Convertible Preferred Stock, Beginning balance at Dec. 31, 2025 0          
Convertible Preferred Stock, Beginning balance, shares at Dec. 31, 2025   0        
Unrealized gain (loss) on marketable securities $ (64,000)          
Exercise of options into common stock, shares 134,185          
Net loss $ (186,243,000)          
Ending balance at Jun. 30, 2026 172,958,000   $ 2,000 642,399,000 (469,380,000) (63,000)
Ending balance, shares at Jun. 30, 2026     25,832,969      
Convertible Preferred Stock, Ending Balance at Jun. 30, 2026 6,767,000 $ 6,767,000        
Convertible Preferred Stock, Ending Balance, shares at Jun. 30, 2026   502        
Beginning balance at Mar. 31, 2026 (137,286,000)     316,111,000 (453,373,000) (24,000)
Beginning balance, shares at Mar. 31, 2026     1,340,333      
Convertible Preferred Stock, Beginning balance at Mar. 31, 2026   $ 328,476,000        
Convertible Preferred Stock, Beginning balance, shares at Mar. 31, 2026   24,937        
Stock-based compensation expense 4,483,000     4,483,000    
Unrealized gain (loss) on marketable securities (39,000)         (39,000)
Conversion of Series B redeemable convertible preferred stock into common shares   (24,435)        
Conversion of Series B redeemable convertible preferred stock into common shares, amount   $ (321,709,000)        
Conversion of Series B redeemable convertible preferred stock into common shares     24,435,594      
Conversion of Series B redeemable convertible preferred stock into common shares, amount 321,709,000   $ 2,000 321,707,000    
Exercise of options into common stock 98,000     98,000    
Exercise of options into common stock, shares     57,042      
Net loss (16,007,000)       (16,007,000)  
Ending balance at Jun. 30, 2026 172,958,000   $ 2,000 $ 642,399,000 $ (469,380,000) $ (63,000)
Ending balance, shares at Jun. 30, 2026     25,832,969      
Convertible Preferred Stock, Ending Balance at Jun. 30, 2026 $ 6,767,000 $ 6,767,000        
Convertible Preferred Stock, Ending Balance, shares at Jun. 30, 2026   502