v3.26.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 61,960 $ 4,785
Restricted cash 6 6
Prepaid expenses and other current assets 1,422 479
Total current assets 63,388 5,270
Total assets 63,388 5,270
Current liabilities:    
Accounts payable 3,028 2,713
Accrued expenses 2,047 1,613
Advances from collaboration partners, net of debt discount 11,831 11,816
Current portion of long-term debt 0 1,000
Accrued interest on debt 0 35
Warrant liabilities 62 0
Total current liabilities 16,968 17,177
Commitments and contingencies
Stockholders' equity (deficit):    
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued or outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value per share, 100,000,000 and 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively, 4,036,398 and 435,432 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 40 4
Additional paid-in capital 355,216 288,669
Accumulated deficit (308,836) (300,580)
Total stockholders' equity (deficit) 46,420 (11,907)
Total liabilities and stockholders' equity (deficit) $ 63,388 $ 5,270