v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 147,606 $ 125,139
Accounts receivable 196 1,115
Prepaid expenses and other current assets 5,813 3,022
Total current assets 153,615 129,276
Property and equipment, net 11,311 12,185
Right-of-use assets, net 5,124 5,601
In-process research and development asset 93,900 93,900
Goodwill 48,163 48,163
Long-term restricted cash 1,735 1,735
Long-term prepaid expenses and other assets 4,780 5,551
Total assets 318,628 296,411
Current liabilities:    
Accounts payable 1,046 1,288
Accrued expenses and other current liabilities 15,142 9,498
Lease liabilities 4,197 4,151
Warrant liability 165 0
Total current liabilities 20,550 14,937
Lease liabilities, net of current portion 6,805 8,525
Warrant liability, net of current portion 0 141
Long-term debt, net 52,851 0
Contingent value rights liability 356,700 392,100
Deferred tax liabilities, net 6,948 6,948
Total liabilities 443,854 422,651
Commitments and contingencies (Note 15)
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 30,037,962 and 26,011,106 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 3 3
Additional paid-in capital 725,165 700,706
Accumulated deficit (845,786) (822,373)
Accumulated other comprehensive loss (4,608) (4,576)
Total stockholders’ deficit (125,226) (126,240)
Total liabilities and stockholders’ deficit 318,628 296,411
Series A Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Series B Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued $ 0 $ 0