Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 136,040	$ 137,531
Collaboration and license agreement receivable	6,000	5,000
Prepaid expenses and other current assets	3,428	2,496
Total current assets	145,468	145,027
Restricted cash	1,819	1,807
Property and equipment, net	3,359	3,892
Operating lease right-of-use asset	3,608	3,959
Total assets	154,254	154,685
Current liabilities
Accounts payable	2,315	3,168
Accrued expenses	7,854	11,739
Deferred revenue, current portion	22,603	40,023
Operating lease liability, current portion	1,426	1,343
Total current liabilities	34,198	56,273
Deferred revenue, net of current portion	12,715	20,635
Operating lease liability, net of current portion	4,877	5,611
Common stock warrant liabilities	30,200	29,560
Liabilities to issue common stock		7,333
Total liabilities	81,990	119,412
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.0001 par value; 5,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.0001 par value; 600,000,000 shares authorized; 6,580,149 shares issued and outstanding at June 30, 2026; 4,530,641 shares issued and outstanding at December 31, 2025	1	0
Additional paid-in capital	506,954	454,062
Accumulated deficit	(434,691)	(418,789)
Total stockholders' equity	72,264	35,273
Total liabilities and stockholders' equity	$ 154,254	$ 154,685

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).