v3.26.1
CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 86,076 $ 110,823
Accounts receivable 0 0
Marketable securities 1,473 4,762
Prepaid expenses 3,995 3,110
Other current assets 5 45
Total current assets 91,549 118,740
Restricted cash 26,330 26,330
Property, equipment, and software—net 964 1,425
Intangible assets—net 1,093 1,166
Right-of-use assets—net 5,114 5,805
Investment in equity securities 744 744
Other assets 126 206
Total assets 125,920 154,416
Current liabilities:    
Accounts payable 828 296
Accrued compensation 2,365 4,747
Accrued research and development expenses 1,751 1,714
Lease liabilities 1,608 1,507
Other current liabilities 588 649
Total current liabilities 7,140 8,913
Loan payable 22,421 22,404
Lease liabilities 4,072 4,897
Warrant liability 36,693 15,695
Contract liabilities 10,000 10,000
Other noncurrent liabilities 301 259
Total liabilities 80,627 62,168
Stockholders’ equity:    
Preferred stock: $0.0001 par value— 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock: $0.000005 par value— 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 25,832,913 shares issued and 25,805,898 shares outstanding as of June 30, 2026; 24,115,346 shares issued and 24,088,425 shares outstanding as of December 31, 2025 1 1
Additional paid-in capital 625,525 621,387
Accumulated deficit (579,281) (528,188)
Treasury stock (952) (952)
Total stockholders’ equity 45,293 92,248
Total liabilities and stockholders’ equity $ 125,920 $ 154,416