v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 63,008 $ 43,760
Restricted cash 42 42
Total cash, cash equivalents and restricted cash 63,050 43,802
Short-term investments 263,273 229,696
Accounts and other receivables 3,341 1,219
Income tax and R&D incentive receivables   518
Prepaid expenses and other current assets 5,151 2,957
Total current assets 334,815 278,192
Long-term investments 192,247  
Property and equipment, net 60 312
Other assets 90 1,425
Total assets 527,212 279,929
Current liabilities:    
Accounts payable 1,272 2,717
Accrued expenses and other current liabilities 11,229 12,280
Total current liabilities 12,501 14,997
Term loan, noncurrent 34,742 34,287
Other noncurrent liabilities 5,761 5,753
Total liabilities 53,004 55,037
Commitments and contingencies (Note 10)
Stockholders' equity:    
Common stock, $0.0001 par value; 400,000,000 and 200,000,000 shares authorized; 194,474,154 and 110,882,735 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 19 11
Additional paid-in capital 1,175,098 879,292
Accumulated deficit (694,871) (649,483)
Accumulated other comprehensive loss, net (6,038) (4,928)
Total stockholders' equity 474,208 224,892
Total liabilities and stockholders' equity $ 527,212 $ 279,929