v3.26.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Restricted Cash
Restricted Cash
(in thousands)As of June 30, 2026As of December 31, 2025
Letter of credit security: Vienna Austria lease$— $224 
Letter of credit security: Boston lease579 579 
Letter of credit security: Watertown lease95 — 
Total restricted cash$674 $803 
In connection with the Company’s lease agreements for its facilities in Boston and Watertown, Massachusetts, the Company maintains letters of credit, which are secured by restricted cash, for the benefit of the respective landlords. As of December 31, 2025, restricted cash related to the Company’s former Vienna, Austria lease, which the Company terminated effective November 30, 2025, was included in other current assets and was subsequently converted to unrestricted cash during the six months ended June 30, 2026. Restricted cash related to the Boston and Watertown lease are included in other current assets and other assets, respectively.
Schedule of Cash, Cash Equivalents, and Restricted Cash
(in thousands)June 30, 2026December 31, 2025
Cash and cash equivalents$195,095 $217,049 
Restricted cash, current (included within prepaid expenses and other current assets)579 803 
Restricted cash (included in other assets)95 — 
Total cash, cash equivalents and restricted cash$195,769 $217,852 
Schedule of Assets Measured at Fair Value
Fair Value Measurements as of June 30, 2026 Using:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents—money market funds$191,613 $— $— $191,613 
Marketable securities—federal government agency notes— 12,874 — 12,874 
$191,613 $12,874 $— $204,487 

Fair Value Measurements as of December 31, 2025 Using:
(in thousands)Level 1Level 2Level 3Total
Cash equivalents—money market funds$123,838 $— $— $123,838 
Marketable securities—U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes— 35,949 — 35,949 
$123,838 $35,949 $— $159,787 
Schedule of Debt Securities, Available-for-Sale
The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of June 30, 2026:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Federal Government Agency securities12,878 — 4 12,874 
Total available-for-sale debt securities$12,878 $— $4 $12,874 
The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of December 31, 2025:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$7,959 $3 $— $7,962 
Federal Government Agency securities27,980 11 4 27,987 
Total available-for-sale debt securities$35,939 $14 $4 $35,949 
Schedule of Liabilities Measured at Fair Value
Liabilities Measured at Fair Value
The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements as of June 30, 2026 Using:
(in thousands)Level 1Level 2Level 3Total
Liabilities: 
Embedded derivative liability$— $— $10 $10 
Class C warrant liability — — 369 369 
$— $— $379 $379 

Fair Value Measurements as of December 31, 2025 Using:
(in thousands)Level 1Level 2Level 3Total
Liabilities:
Embedded derivative liability$— $— $10 $10 
Class C warrant liability— — 977 977 
$— $— $987 $987 
Summary of Aggregate Fair Values of Warrant Liability and Derivative Liability
The following table provides a roll-forward for the six months ended June 30, 2026 of the aggregate fair values of financial instruments for which fair values are determined using Level 3 inputs:
(in thousands)Embedded Derivative LiabilityClass C Warrant LiabilityTotal
Balance as of December 31, 2025$10 $977 $987 
Change in fair value— (608)(608)
Balance as of June 30, 2026
$10 $369 $379 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The Company calculated the fair value of the Class C Warrants using the Black-Scholes option pricing model, with the following inputs:
June 30, 2026
December 31, 2025
Common stock price$4.67$4.00
Risk-free interest rate4.0 %3.5 %
Expected term (in years)1.41.9
Expected volatility114.2 %136.0 %
Expected dividend yield— %— %
Summary of Stock-Based Compensation Expense Classification
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Research and development expense$484 $340 $1,199 $599 
General and administrative expense2,602 408 4,300 668 
Total stock-based compensation$3,086 $748 $5,499 $1,267 
Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders
Basic and diluted net loss per share was calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except share and per share data)2026202520262025
Numerator:
Net loss
$(16,157)$(25,741)$(36,398)$(25,459)
Denominator:
Weighted average shares outstanding—basic and diluted
126,344,020 7,412,990 126,316,523 7,095,846 
Net loss per share— basic and diluted
$(0.13)$(3.47)$(0.29)$(3.59)
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders
The Company excluded the following potential shares of common stock from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Options to purchase shares of common stock15,333 308 15,333 308 
Unvested restricted stock units714 333 714 333 
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)
2,546 2,546 2,546 2,546 
18,593 3,187 18,593 3,187