v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 187,803 $ 57,982
Short-term investments 62,781 0
Prepaid expenses and other current assets 2,444 1,005
Total current assets 253,028 58,987
Operating lease right-of-use assets, net 482 572
Total assets 253,510 59,559
Current liabilities:    
Accounts payable 6,785 4,595
Derivative liabilities - contingent value right liability 0 2,196
Current portion of operating lease liability 217 202
Accrued expenses and other current liabilities 4,945 4,351
Total current liabilities 11,947 11,344
Long-term portion of operating lease liability 318 431
Royalty agreement liability 22,107 17,760
Derivative liabilities - royalty agreement 2,271 2,041
Total liabilities 36,643 31,576
Commitments and contingencies (Note 8)
Stockholders' deficit:    
Common stock, $0.001 par value; 200,000,000 shares authorized; 14,395,705 and 12,380,933 shares issued and outstanding at June 30, 2026 and December 31, 2025 14 12
Additional paid-in capital 389,851 163,338
Accumulated other comprehensive (loss) income 89 83
Accumulated deficit (173,087) (135,450)
Total stockholders' equity 216,867 27,983
Total liabilities and stockholders' equity $ 253,510 $ 59,559