v3.26.1
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 35,586 $ 12,796
Short-term investments 7,423 45,167
Receivable from collaboration partners 1,107 7,092
Prepaid expenses and other current assets 989 1,879
Total current assets 45,105 66,934
Operating lease right-of-use asset 2,782 3,064
Property and equipment, net 5,755 7,008
Restricted cash 675 675
Other long-term assets 3,610 538
Total assets 57,927 78,219
Current liabilities:    
Accounts payable 2,771 4,566
Accrued expenses and other current liabilities 7,183 6,405
Accrued license fees 2,100 375
Deferred revenue, current 27,475 21,087
Convertible Note 37,799 35,339
Operating lease liabilities, current portion 1,369 1,285
Total current liabilities 78,697 69,057
Operating lease liabilities, net of current portion 4,102 4,804
Other non-current liabilities 7,920 7,485
Deferred revenue, non-current 11,698 19,936
Total liabilities 102,417 101,282
Redeemable convertible preferred stock, $0.001 par value; 29,182,118 shares authorized, and 4,915,299 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $120,705 as of June 30, 2026 and December 31, 2025 120,356 120,356
Common stock, $0.001 par value, 52,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 2,485,234 and 2,451,167 shares issued and outstanding as of June 30, 2026 and December 31, 2025 14 14
Additional paid-in capital 16,673 14,239
Accumulated deficit (181,531) (157,707)
Accumulated other comprehensive income (2) 35
Total stockholders' deficit (164,846) (143,419)
Total liabilities, preferred stock, and stockholders' deficit 57,927 78,219
Redeemable Convertible Preferred Stock    
Current liabilities:    
Redeemable convertible preferred stock, $0.001 par value; 29,182,118 shares authorized, and 4,915,299 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $120,705 as of June 30, 2026 and December 31, 2025 $ 120,356 $ 120,356