v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 41,148 $ 37,732
Marketable securities 15,878 99,200
Receivable from contracts with collaborators 6,105 12,227
Prepaid expenses and other current assets 9,594 18,485
Total current assets 72,725 167,644
Property and equipment, net 55 64
Operating lease right-of-use assets 3,658 4,133
Other assets 429 408
Total assets 76,867 172,249
Current liabilities    
Accounts payable 5,951 5,959
Accrued research and development expenses 9,680 21,662
Current contract liabilities 7,068 19,987
Current convertible senior notes 36,145 0
Warrant liability at fair value 18,291 0
Embedded derivative liability at fair value 42,938 0
Accrued expenses and other current liabilities 17,710 15,827
Total current liabilities 137,783 63,435
Long-term convertible senior notes 0 198,508
Operating lease liabilities - long-term 2,958 3,460
Long-term contract liabilities 30,155 29,606
Total liabilities 170,896 295,009
Commitments and contingencies (Note 9)
Stockholders' equity (deficit)    
Common stock, $0.0001 par value; 700,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 488,846,723 shares issued and outstanding as of June 30, 2026, and 233,677,057 shares issued and outstanding as of December 31, 2025 50 24
Additional paid-in capital 1,378,357 1,321,303
Accumulated deficit (1,468,702) (1,438,938)
Accumulated other comprehensive loss (3,734) (5,149)
Total stockholders' deficit (94,029) (122,760)
Total liabilities and stockholders' deficit $ 76,867 $ 172,249