Balance Sheet Components (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Cash and Cash Equivalents |
Cash and cash equivalents consisted of the following (in thousands):
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June 30, 2026 |
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|
December 31, 2025 |
|
Cash |
|
$ |
2,797 |
|
|
$ |
2,309 |
|
Commercial paper |
|
|
— |
|
|
|
11,272 |
|
Money market funds |
|
|
47,847 |
|
|
|
24,302 |
|
U.S. government bonds |
|
|
— |
|
|
|
9,989 |
|
Total cash and cash equivalents |
|
$ |
50,644 |
|
|
$ |
47,872 |
|
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| Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Investments |
The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s investments by major investments type are summarized in the table below (in thousands):
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June 30, 2026 |
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Amortized Cost |
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Gross Unrealized
Holding Gains |
|
|
Gross Unrealized
Holding Losses |
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Estimated
Fair Value |
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Corporate bonds |
|
$ |
26,721 |
|
|
$ |
3 |
|
|
$ |
(45 |
) |
|
$ |
26,679 |
|
U.S. government bonds |
|
|
18,034 |
|
|
|
— |
|
|
|
(27 |
) |
|
|
18,007 |
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Total investments |
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$ |
44,755 |
|
|
$ |
3 |
|
|
$ |
(72 |
) |
|
$ |
44,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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December 31, 2025 |
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|
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Amortized Cost |
|
|
Gross Unrealized
Holding Gains |
|
|
Gross Unrealized
Holding Losses |
|
|
Estimated
Fair Value |
|
Corporate bonds |
|
$ |
27,800 |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
27,817 |
|
Commercial paper |
|
|
6,525 |
|
|
|
— |
|
|
|
— |
|
|
|
6,525 |
|
U.S. government bonds |
|
|
26,903 |
|
|
|
21 |
|
|
|
— |
|
|
|
26,924 |
|
Total investments |
|
$ |
61,228 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
61,266 |
|
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| Summary of Available for Sale Securities in Unrealized Loss Position, Fair Value and Gross Unrealized Loss By Length of Time Security in Continual Unrealized Loss Position |
The following table summarizes, for all available-for-sale securities in an unrealized loss position as of June 30, 2026, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position (in thousands):
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June 30, 2026 |
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Less than 12 Months |
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12 Months or More |
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Total |
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Estimated
Fair Value |
|
|
Gross Unrealized
Holding Losses |
|
|
Estimated
Fair Value |
|
|
Gross Unrealized
Holding Losses |
|
|
Estimated
Fair Value |
|
|
Gross Unrealized
Holding Losses |
|
Corporate bonds |
|
$ |
22,322 |
|
|
$ |
(45 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,322 |
|
|
$ |
(45 |
) |
U.S. government bonds |
|
|
18,007 |
|
|
|
(27 |
) |
|
|
— |
|
|
|
— |
|
|
|
18,007 |
|
|
|
(27 |
) |
Total |
|
$ |
40,329 |
|
|
$ |
(72 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,329 |
|
|
$ |
(72 |
) |
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| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consisted of the following (in thousands):
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June 30, 2026 |
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|
December 31, 2025 |
|
Holdback consideration receivable related to divestiture |
|
$ |
— |
|
|
$ |
4,000 |
|
Prepaid assets |
|
|
943 |
|
|
|
1,015 |
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Other current assets |
|
|
833 |
|
|
|
1,121 |
|
Total prepaid expenses and other current assets |
|
$ |
1,776 |
|
|
$ |
6,136 |
|
|
| Schedule of Accrued and Other Current Liabilities |
Accrued and other current liabilities consisted of the following (in thousands):
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June 30, 2026 |
|
|
December 31, 2025 |
|
Preclinical and clinical trial accruals |
|
$ |
4,716 |
|
|
$ |
3,066 |
|
API and bulk drug product price true-up |
|
|
5,194 |
|
|
|
6,977 |
|
Payroll and related accruals |
|
|
1,958 |
|
|
|
3,983 |
|
Accrued restructuring charge |
|
|
211 |
|
|
|
537 |
|
Professional services |
|
|
8,896 |
|
|
|
2,465 |
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Current portion of liability related to sale of future revenues |
|
|
215 |
|
|
|
1,334 |
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Other |
|
|
1,922 |
|
|
|
1,821 |
|
Total accrued and other current liabilities |
|
$ |
23,112 |
|
|
$ |
20,183 |
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