v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
Nasdaq Deficiency Notice

On July 23, 2026, the Company received a notice (the “Notice”) from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the bid price of the Company’s Class A common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Requirement”). While the Notice has no immediate effect on the listing or trading of the Company’s Class A common stock on The Nasdaq Global Market, the Company has until January 19, 2027 (the “Compliance Date”) to regain compliance. If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. If the Company does not regain compliance during the compliance period, including any additional compliance period, the Company’s Class A common stock may be subject to a delisting determination.

Organizational Restructuring Program

On August 10, 2026, the Company committed to an organizational restructuring program (the “2026 Restructuring Program”) designed to restructure resources focused specifically on its Proteus development program as well as other adjustments to streamline general and administrative expenses to align with the estimated Proteus launch. As a result, the Company is terminating approximately 20% of its 152 employee workforce. In connection with the restructuring, the Company expects that it will recognize one-time cash charges related to severance and other benefits of approximately $2.6 million in the second half of 2026, and expects substantially all related cash expenditures to be incurred in the second half of 2026. In addition, the Company expects to recognize non-cash expense related to stock option modifications in the second half of 2026 in the amount of approximately $0.1 million. The Company expects to substantially complete the 2026 Restructuring Program by the end of 2026.