CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Operating expenses: | ||||||
| Research and development | $ 5,461 | $ 6,553 | $ 12,306 | $ 14,698 | ||
| Acquired in-process research and development | 59,000 | 0 | 59,000 | 0 | ||
| General and administrative | 16,626 | 3,342 | 20,893 | 8,131 | ||
| Gain on Orphai Acquisition | (1,305) | 0 | (1,305) | 0 | ||
| Intangible asset impairment charge | 0 | 0 | 67,808 | 0 | ||
| Fair value adjustment for contingent consideration | 0 | 532 | (64,330) | 2,456 | ||
| Total operating expenses | 79,782 | 10,427 | 94,372 | 25,285 | ||
| Loss from operations | (79,782) | (10,427) | (94,372) | (25,285) | ||
| Fair value adjustment for debt | 0 | (501) | 12,168 | (945) | ||
| Fair value adjustment for warrants | 4,507 | (4,464) | 35,623 | (4,464) | ||
| Warrant issuance costs | (874) | (872) | (874) | (872) | ||
| Interest income | 584 | 311 | 744 | 717 | ||
| Other (expense) income, net | 152 | (29) | 1,871 | (116) | ||
| Net loss before income tax expense | (75,413) | (15,982) | (44,840) | (30,965) | ||
| Income tax benefit (expense) | (75) | (67) | 5,264 | (114) | ||
| Net income (loss) | (75,488) | (16,049) | (39,576) | (31,079) | ||
| Other comprehensive loss: | ||||||
| Foreign currency translation adjustments | (355) | 4,216 | (1,490) | 6,261 | ||
| Unrealized loss on available-for-sale securities | 0 | (17) | (5) | (70) | ||
| Total comprehensive loss | $ (75,843) | $ (11,850) | $ (41,071) | $ (24,888) | ||
| Net loss per share - basic (in USD per share) | [1] | $ (12.31) | $ (68.75) | $ (12.01) | $ (137.17) | |
| Net loss per share - diluted( (in USD per share) | [1] | $ (12.31) | $ (68.75) | $ (12.01) | $ (137.17) | |
| Weighted average shares of common stock and in-substance common stock outstanding - basic (in shares) | [1] | 6,132,845 | 233,431 | 3,295,727 | 226,571 | |
| Weighted average shares of common stock and in-substance common stock outstanding - diluted (in shares) | [1] | 6,132,845 | 233,431 | 3,295,727 | 226,571 | |
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- Definition Acquired in process research and development No definition available.
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| X | ||||||||||
- Definition Fair value adjustment for debt. No definition available.
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- Definition Warrants issuance costs. No definition available.
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| X | ||||||||||
- Definition In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in value of liability in contingent consideration arrangement in business combination, including, but not limited to, difference arising upon settlement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of expense (income) related to adjustment to fair value of warrant liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of impairment loss for indefinite-lived intangible asset. Excludes goodwill. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount, before tax, of income (loss) including portion attributable to noncontrolling interest. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after tax and before adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of expense for research and development. Includes, but is not limited to, cost for computer software product to be sold, leased, or otherwise marketed and writeoff of research and development assets acquired in transaction other than business combination or joint venture formation or both. Excludes write-down of intangible asset acquired in business combination or from joint venture formation or both, used in research and development activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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