v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($)
Preferred stock
Series A Convertible Preferred Stock
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated (deficit)
Total
Beginning balance at Dec. 31, 2024 $ 1,000,000 $ 4,000 $ 926,630,000   $ (955,527,000) $ (28,893,000)
Beginning balance (in shares) at Dec. 31, 2024   44,784,350        
Increase (Decrease) in Stockholders' Equity            
Net loss         (52,103,000) (52,103,000)
Change in fair value of Notes attributable to instrument specific credit risk       $ (6,639,000)   (6,639,000)
Stock-based compensation expense     1,788,000     1,788,000
Issuance of common stock under Employee Stock Purchase Plan     22,000     22,000
Issuance of common stock under Employee Stock Purchase Plan (in shares)   8,033        
Issuance of common stock resulting from vesting of restricted stock units (in shares)   114,010        
Issuance of common stock upon exercise of warrants     9,952,000     9,952,000
Issuance of common stock upon exercise of warrants (in shares)   1,166,666        
Issuance of common stock resulting from at-the-market transactions   $ 1,000 22,735,000     22,736,000
Issuance of common stock resulting from at-the-market transactions (in shares)   4,000,000        
Issuance of common stock, and pre-funded warrants, net of issuance costs     7,426,000     7,426,000
Issuance of common stock, and pre-funded warrants, net of issuance costs of $5,072 (in shares)   1,416,939        
Ending balance at Mar. 31, 2025 1,000,000 $ 5,000 968,553,000 6,639,000 (1,007,630,000) (32,433,000)
Ending balance (in shares) at Mar. 31, 2025   51,489,998        
Beginning balance at Dec. 31, 2024 1,000,000 $ 4,000 926,630,000   (955,527,000) (28,893,000)
Beginning balance (in shares) at Dec. 31, 2024   44,784,350        
Increase (Decrease) in Stockholders' Equity            
Net loss           (78,037,000)
Change in fair value of Notes attributable to instrument specific credit risk           5,290,000
Ending balance at Jun. 30, 2025   $ 6,000 1,064,324,000 5,290,000 (1,033,564,000) 36,056,000
Ending balance (in shares) at Jun. 30, 2025   61,523,425        
Beginning balance at Dec. 31, 2024 1,000,000 $ 4,000 926,630,000   (955,527,000) (28,893,000)
Beginning balance (in shares) at Dec. 31, 2024   44,784,350        
Ending balance at Dec. 31, 2025   $ 8,000 1,216,958,000 5,229,000 (1,164,998,000) 57,197,000
Ending balance (in shares) at Dec. 31, 2025   77,739,712        
Beginning balance at Mar. 31, 2025 $ 1,000,000 $ 5,000 968,553,000 6,639,000 (1,007,630,000) (32,433,000)
Beginning balance (in shares) at Mar. 31, 2025   51,489,998        
Increase (Decrease) in Stockholders' Equity            
Net loss         (25,934,000) (25,934,000)
Change in fair value of Notes attributable to instrument specific credit risk       (1,349,000)   (1,349,000)
Stock-based compensation expense     3,413,000     3,413,000
Issuance of common stock resulting from vesting of restricted stock units (in shares)   483,644        
Issuance of common stock upon exercise of warrants     22,426,000     22,426,000
Issuance of common stock upon exercise of warrants (in shares)   2,787,499        
Issuance of common stock upon exercise of pre-funded warrants (in shares)   2,499,665        
Issuance of common stock, and pre-funded warrants, net of issuance costs   $ 1,000 69,932,000     69,933,000
Issuance of common stock, and pre-funded warrants, net of issuance costs of $5,072 (in shares)   3,429,287        
Ending balance at Jun. 30, 2025   $ 6,000 1,064,324,000 5,290,000 (1,033,564,000) 36,056,000
Ending balance (in shares) at Jun. 30, 2025   61,523,425        
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock upon conversion of Series A Preferred Stock (1,000,000) 833,332        
Beginning balance at Dec. 31, 2025   $ 8,000 1,216,958,000 5,229,000 (1,164,998,000) 57,197,000
Beginning balance (in shares) at Dec. 31, 2025   77,739,712        
Increase (Decrease) in Stockholders' Equity            
Net loss         (36,591,000) (36,591,000)
Change in fair value of Notes attributable to instrument specific credit risk       (3,396,000)   (3,396,000)
Stock-based compensation expense     2,046,000     2,046,000
Issuance of common stock under Employee Stock Purchase Plan     38,000     38,000
Issuance of common stock under Employee Stock Purchase Plan (in shares)   10,240        
Issuance of common stock resulting from vesting of restricted stock units (in shares)   271,866        
Issuance of common stock upon exercise of options     4,000     4,000
Issuance of common stock upon exercise of options (in shares)   1,000        
Issuance of common stock upon exercise of warrants   $ 1,000 55,693,000     55,694,000
Issuance of common stock upon exercise of warrants (in shares)   8,391,666        
Issuance of common stock upon exercise of pre-funded warrants (in shares)   1,428,571        
Unrealized gain (loss) on available for sale securities       (7,000)   (7,000)
Ending balance at Mar. 31, 2026   $ 9,000 1,274,739,000 8,618,000 (1,201,589,000) 81,777,000
Ending balance (in shares) at Mar. 31, 2026   87,843,055        
Beginning balance at Dec. 31, 2025   $ 8,000 1,216,958,000 5,229,000 (1,164,998,000) 57,197,000
Beginning balance (in shares) at Dec. 31, 2025   77,739,712        
Increase (Decrease) in Stockholders' Equity            
Net loss           (71,264,000)
Change in fair value of Notes attributable to instrument specific credit risk           (2,814,000)
Ending balance at Jun. 30, 2026   $ 9,000 1,278,196,000 8,043,000 (1,236,262,000) 49,986,000
Ending balance (in shares) at Jun. 30, 2026   90,481,615        
Beginning balance at Mar. 31, 2026   $ 9,000 1,274,739,000 8,618,000 (1,201,589,000) 81,777,000
Beginning balance (in shares) at Mar. 31, 2026   87,843,055        
Increase (Decrease) in Stockholders' Equity            
Net loss         (34,673,000) (34,673,000)
Change in fair value of Notes attributable to instrument specific credit risk       582,000   582,000
Stock-based compensation expense     3,430,000     3,430,000
Issuance of common stock resulting from vesting of restricted stock units (in shares)   129,847        
Issuance of common stock upon exercise of options     27,000     27,000
Issuance of common stock upon exercise of options (in shares)   9,375        
Issuance of common stock upon exercise of pre-funded warrants (in shares)   2,499,338        
Unrealized gain (loss) on available for sale securities       7,000   7,000
Ending balance at Jun. 30, 2026   $ 9,000 $ 1,278,196,000 $ 8,043,000 $ (1,236,262,000) $ 49,986,000
Ending balance (in shares) at Jun. 30, 2026   90,481,615