v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 107,855 $ 396,486
Marketable securities 358,274 58,722
Prepaid expenses 5,875 1,152
Other current assets 3,103 1,745
Total current assets 475,107 458,105
Restricted cash 168 168
Property and equipment, net 648 533
Operating lease right-of-use assets 2,718 2,936
Other assets 2,412 2,384
Total assets 481,053 464,126
Current liabilities:    
Accounts payable 3,998 5,127
Accrued liabilities 20,481 19,764
Operating lease liabilities 335 280
Total current liabilities 24,814 25,171
Non-current liabilities:    
Operating lease liabilities, less current portion 2,542 2,720
Warrant liabilities 653,894 600,547
Total liabilities 681,250 628,438
Stockholders' deficit:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value; 800,000,000 and 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 54,455,751 and 38,720,196 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively [1] 19 18
Additional paid-in capital [1] 1,236,073 988,604
Accumulated other comprehensive (loss) income [1] (922) 41
Accumulated deficit [1] (1,435,367) (1,152,975)
Total stockholders' deficit [1] (200,197) (164,312)
Total liabilities and stockholders' deficit $ 481,053 $ 464,126
[1] All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.