v3.26.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue:        
Collaboration and license $ 0 $ 0 $ 0 $ 400
Grant 0 298 78 998
Total revenues 0 298 78 1,398
Operating expenses:        
Research and development 20,431 14,869 39,894 29,543
General and administrative 8,724 7,240 15,838 15,555
Total operating expenses 29,155 22,109 55,732 45,098
Operating loss (29,155) (21,811) (55,654) (43,700)
Other income (expense):        
Interest income 1,103 1,748 2,129 3,763
Interest expense (852) 0 (852) 0
(Loss) gain on change in fair value of warrant liability (118) 654 (24) 2,472
Loss on change in fair value of embedded derivative (4,535) 0 (4,535) 0
Gain on change in fair value of contingent value rights liability 49,200 35,300 35,400 35,646
Other income (expense), net 126 (5) 123 (5)
Total other income, net 44,924 37,697 32,241 41,876
Net income (loss) 15,769 15,886 (23,413) (1,824)
Other comprehensive (loss) income:        
Foreign currency translation adjustment (25) 12 (32) 44
Total comprehensive income (loss) 15,744 15,898 (23,445) (1,780)
Net income (loss) allocable to shares of common stock, basic        
Net income (loss) 15,769 15,886 (23,413) (1,824)
Less: Undistributed earnings allocable to participating securities, basic (2,049) (2,628) 0 0
Net income (loss) allocable to shares of common stock - basic 13,720 13,258 (23,413) (1,824)
Net income (loss) allocable to shares of common stock, diluted        
Net income (loss) 15,769 15,886 (23,413) (1,824)
Less: Undistributed earnings allocable to participating securities, diluted (2,049) (2,628) 0 0
Net income (loss) allocable to shares of common stock - diluted $ 13,720 $ 13,258 $ (23,413) $ (1,824)
Net income (loss) per share allocable to common stockholders:        
Basic (in dollars per share) $ 0.47 $ 0.51 $ (0.83) $ (0.07)
Diluted (in dollars per share) $ 0.46 $ 0.50 $ (0.83) $ (0.07)
Weighted-average common shares outstanding:        
Basic (in shares) 29,467,130 25,980,262 28,142,256 25,941,670
Diluted (in shares) 29,860,880 26,447,251 28,142,256 25,941,670