v3.26.3
Condensed Consolidated Balance Sheets (unaudited) (Q2) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets:              
Cash and cash equivalents $ 21,987   $ 57,050 $ 77,596   $ 110,995  
Prepaid expenses and other current assets 905   1,536     2,071  
Total current assets 22,892   58,586     113,066  
Property and equipment, net 1,263   4,688     6,322  
Restricted cash and cash equivalents 0   901     1,220  
Operating lease right of use asset 0   5,216     6,001  
Other assets 0   5     320  
Total assets 24,155   69,396     126,929  
Current liabilities:              
Accounts payable 1,939   754     3,035  
Accrued expenses and other current liabilities 5,924   5,407     10,588  
Operating lease liability, current 0   1,751     1,557  
Note payable, net of discount and issuance costs 0   28,236     0  
Total current liabilities 7,863   36,148     15,180  
Operating lease liability, net of current portion 0   7,684     9,435  
Derivative liability 0   759     2,829  
Total liabilities 7,863   44,591     53,539  
Commitments and contingencies        
Stockholders’ equity:              
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued or outstanding as of June 30, 2026 and December 31, 2025 0   0     0  
Common stock, $0.0001 par value, 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 48,599,066 and 48,596,817 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 5   5     5  
Additional paid-in capital 501,559   500,210     487,973  
Accumulated deficit (485,272)   (475,410)     (414,588)  
Total stockholders’ equity 16,292 $ 12,202 24,805 $ 41,464 $ 57,307 73,390 $ 111,374
Total liabilities and stockholders’ equity $ 24,155   $ 69,396     $ 126,929