v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 6,803 $ 22,808
Short-term investments 81,953 110,528
Prepaid expenses and other current assets 4,335 2,352
Total current assets 93,091 135,688
Operating lease asset, net 445 613
In-process research and development 32,386 32,386
Other assets 172 322
Total assets 126,094 169,009
Current liabilities:    
Accounts payable 3,214 3,627
Current operating lease liabilities 381 358
Accrued expenses and other liabilities 8,194 14,359
Total current liabilities 11,789 18,344
Deferred tax liabilities 2,187 2,187
Non-current operating lease liabilities 86 283
Warrant liabilities 40,001 11,416
Total liabilities 54,063 32,230
Commitments and contingencies (Note 7)
Stockholders' equity:    
Common stock, $0.001 par value, 450,000,000 shares authorized at June 30, 2026 and 300,000,000 shares authorized at December 31, 2025; 80,891,404 and 75,430,033 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 81 75
Additional paid-in capital 504,904 482,189
Accumulated other comprehensive income (loss) (114) 24
Accumulated deficit (471,858) (401,203)
Total stockholders’ equity 33,013 81,085
Total liabilities, convertible preferred stock and stockholders' equity 126,094 169,009
Series X1 Non-voting Convertible Preferred Stock [Member]    
Current liabilities:    
Convertible preferred stock, value 36,867 53,543
Series X Non-Voting Convertible Preferred Stock [Member]    
Current liabilities:    
Convertible preferred stock, value $ 2,151 $ 2,151