v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Research service revenue - related party $ 5,000 $ 983 $ 10,000 $ 1,966
Total revenue 5,000 983 10,000 1,966
Operating expenses:        
Research and development 8,484 6,042 17,812 12,600
General and administrative 6,886 3,958 13,014 7,934
Total operating expenses 15,370 10,000 30,826 20,534
Loss from operations (10,370) (9,017) (20,826) (18,568)
Interest income 938 1,025 1,850 1,321
Loss on amendment and cancellation of warrants 0 0 0 (2,073)
Loss on execution of the 2025 PIPE 0 0 0 (71,084)
Gain (loss) on change in fair value of tranche liability 39,248 31,520 (37,607) 47,860
Gain on settlement of tranche liability 0 0 0 1,117
Other income (expense), net (Note 3) 20,361 16,218 (20,745) 54,203
Net income (loss) and comprehensive income (loss) 50,177 39,746 (77,328) 12,776
Net income (loss) available to (attributable to) common stockholders, basic 32,038 21,808 (77,328) 5,210
Net income (loss) available to (attributable to) common stockholders, Diluted $ (9,395) $ 21,808 $ (77,328) $ 5,210
Net income (loss) per share available to (attributable to) common stockholders, Basic $ 2.75 $ 2.55 $ (6.84) $ 0.85
Net income (loss) per share available to (attributable to) common stockholders, Diluted $ (0.41) $ 2.55 $ (6.84) $ 0.85
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, Basic 11,663 8,541 11,308 6,098
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, Diluted 23,146 8,541 11,308 6,098
Collaboration and license revenue [Member]        
Research service revenue - related party $ 5,000 $ 0 $ 10,000 $ 0
Research service revenue [Member]        
Research service revenue - related party $ 0 $ 983 $ 0 $ 1,966