v3.26.1
Condensed Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 54,335 $ 58,130
Marketable securities 110,011 83,298
Accounts receivable 5,797 3,977
Prepaid expenses and other current assets 5,504 5,521
Total current assets 175,647 150,926
Property and equipment, net 8,357 10,648
Operating lease right-of-use assets 8,467 10,903
Other non-current assets 1,133 495
Restricted cash 858 858
Total assets 194,462 173,830
Current liabilities:    
Accounts payable 3,356 7,565
Accrued compensation 6,185 14,642
Deferred revenue - current 6,456 10,562
Operating lease liability - current 6,660 7,783
Accrued expenses and other current liabilities 30,241 34,581
Total current liabilities 52,898 75,133
Deferred revenue - non-current 0 2,028
Operating lease liability - non-current 4,123 7,891
Deferred royalty obligation related to the sale of future royalties 239,064 219,536
Other non-current liabilities 1,694 1,694
Total liabilities 297,779 306,282
Commitments and contingencies (Note 6)
Stockholders' deficit :    
Preferred stock, $0.001 par value - 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.001 par value - 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 16,576,205 and 8,584,309 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 17 9
Additional paid-in-capital 951,696 845,475
Accumulated other comprehensive (loss) income (58) 19
Accumulated deficit (1,054,972) (977,955)
Total stockholders' deficit (103,317) (132,452)
Total Liabilities and Stockholders' Deficit $ 194,462 $ 173,830