v3.26.1
Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,544 $ 7,118
Accounts receivable 2,000 0
Prepaid expenses and other current assets 714 895
Total current assets 4,258 8,013
Property and equipment, net 0 120
Operating lease right-of-use asset, net 5,085 5,532
Other assets 163 163
Total assets 9,506 13,828
Current liabilities:    
Accounts payable and accrued expenses (includes related party amounts of $300 and $0, respectively) 19,451 16,353
Operating lease liabilities 1,570 1,427
PPAs liability 0 4,142
Total current liabilities 21,021 21,922
Operating lease liabilities, less current portion 4,293 4,773
Liability to licensor 19,806 19,806
Warrant liability 622 3,516
Total liabilities 45,742 50,017
Commitments and contingencies (Note 6)
Stockholders' equity (deficit):    
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2026 and December 31, 2025; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock value 0 0
Additional paid-in capital 515,302 509,457
Accumulated deficit (551,538) (545,646)
Total stockholders' equity (deficit) (36,236) (36,189)
Total liabilities and stockholders' equity (deficit) 9,506 13,828
Class B Common Stock    
Stockholders' equity (deficit):    
Common stock value $ 0 $ 0