v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 115,981 $ 5,809
Short-term investments 0 11,943
Prepaid expenses and other current assets 7,430 5,144
Total current assets 123,411 22,896
Property and equipment, net 506 595
Operating lease right-of-use assets 0 453
Intangible assets 0 67,819
Other assets 78 1,760
Total assets 123,995 93,523
Current liabilities:    
Accounts payable 4,636 2,223
Accrued expenses and other current liabilities 3,864 10,608
Current portion of debt 0 18,026
Short-term contingent consideration 0 12,369
Total current liabilities 8,500 43,226
Long-term operating lease liabilities 0 330
Long-term contingent consideration 0 51,961
Warrant liabilities 6,292 32,150
Other long-term liabilities 716 1,570
Total liabilities 15,508 129,237
Mezzanine equity:    
Series C Preferred Stock, $0.001 par value, 294,370 shares and no shares designated as of June 30, 2026 and December 31, 2025, respectively; 211,301.868 and no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 143,811 0
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.001 par value, 250,000,000 shares authorized, 1,017,063 and 278,627 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively [1] 1 0
Additional paid in capital [1] 460,447 418,987
Accumulated other comprehensive income 4,255 5,750
Accumulated deficit (500,027) (460,451)
Total stockholders' equity (deficit) (35,324) (35,714)
Total liabilities, mezzanine equity, and stockholders' equity (deficit) $ 123,995 $ 93,523
[1]

(1) Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.