v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 102,039 $ 89,245
Accounts receivable 5,000 0
Accounts receivable - related party 0 208
Prepaid expenses and other current assets 2,361 2,106
Total current assets 109,400 91,559
Property and equipment, net 456 433
Operating lease right-of-use assets 5,100 6,000
Restricted cash 635 688
Other assets 15 46
Total assets 115,606 98,726
Current liabilities:    
Accounts payable 1,073 728
Accrued and other liabilities 5,950 7,912
Lease liabilities, current portion 1,988 1,290
Total current liabilities 9,011 9,930
Lease liabilities, noncurrent portion 4,328 5,349
Tranche liability 196,269 158,662
Warrant liabilities 124,663 112,547
Total liabilities 334,271 286,488
Commitments and contingencies (Note 7)
Stockholders' deficit:    
Preferred stock, $0.0001 par value, 10,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value, 500,000 shares authorized as of June 30, 2026 and December 31, 2025; 11,754 and 9,775 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1 1
Additional paid-in-capital 385,947 339,522
Accumulated deficit (604,613) (527,285)
Total stockholders' deficit (218,665) (187,762)
Total liabilities and stockholders' deficit $ 115,606 $ 98,726