v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Revenue:            
Total revenue $ 0 $ 212 $ 212 $ 424 $ 858 $ 636
Operating expenses:            
Research and development 758 6,074 3,629 11,799 19,597 41,507
General and administrative 4,895 4,195 10,969 8,352 14,325 19,625
Total operating expenses 5,653 10,269 14,598 20,151 33,922 61,132
Loss from operations (5,653) (10,057) (14,386) (19,727) (33,064) (60,496)
Other income:            
Termination fee 50,000 0 50,000 0    
Interest income 218 523 419 1,167 2,189 4,216
Other income 424 118 678 292 22,771 744
Total other income, net 50,642 641 51,097 1,459 24,960 4,960
Income (loss) before equity in losses of joint venture 44,989 (9,416) 36,711 (18,268) (8,104) (55,536)
Income tax expense 1,324 0 1,324 0 0 0
Loss on investment in joint venture 0 287 0 874 874 2,239
Net income (loss) $ 43,665 $ (9,703) $ 35,387 $ (19,142) $ (8,978) $ (57,775)
Net income (loss) per common share, basic $ 7.66 $ (1.73) $ 6.21 $ (3.42) $ (1.59) $ (10.61)
Net income per common share, diluted $ 7.53   $ 6.16   $ (1.59) $ (10.61)
Weighted-average common shares outstanding, basic (in shares) 5,699,111 5,605,116 5,693,877 5,600,987 5,629,370 5,443,332
Weighted-average common shares outstanding, diluted (in shares) 5,797,913   5,749,133   5,629,370 5,443,332
Other comprehensive gain (loss):            
Net unrealized loss on marketable securities $ (1) $ (30) $ (18) $ (51) $ (50) $ 53
Other comprehensive loss (1) (30) (18) (51) (50) 53
Comprehensive gain (loss) 43,664 (9,733) 35,369 (19,193) (9,028) (57,722)
Collaboration and license revenue            
Revenue:            
Total revenue $ 0 $ 212 $ 212 $ 424 $ 858 $ 636