v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 540,515 $ 257,624
Prepaid expenses and other current assets 3,073 2,799
Total current assets 543,588 260,423
Other assets, noncurrent 48 104
Total assets 543,636 260,527
Current liabilities    
Accounts payable 3,482 444
Accrued expenses and other current liabilities 8,879 2,401
Paramora warrant obligation 9,527 0
Total current liabilities 27,550 20,066
Other liabilities, noncurrent 27 81
Total liabilities 27,577 20,147
Commitments and contingencies (Note 7)
Mezzanine equity, Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares and 159 shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 1,341
Stockholders’ equity    
Common stock, par value of $0.00001 per share; 500,000,000 shares authorized at June 30, 2026 and 300,000,000 shares authorized at December 31, 2025; 61,734,601 and 1,597,321 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1
Additional paid-in capital 931,649 310,688
Accumulated deficit (546,320) (487,363)
Accumulated other comprehensive income 732 802
Total stockholders’ equity 516,059 240,380
Total liabilities and stockholders’ equity 543,636 260,527
Series B Non-Voting Convertible Preferred Stock    
Stockholders’ equity    
Preferred Stock, Value 117,621 117,621
Series C Non-Voting Convertible Preferred Stock    
Stockholders’ equity    
Preferred Stock, Value 12,376 297,291
Related Party    
Current liabilities    
Related party accounts payable and other current liabilities $ 5,662 $ 17,221