v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 64,988 $ 15,858
Short-term investments 327,978 82,478
Prepaid expenses and other current assets 7,558 6,913
Restricted cash, current portion 211 37
Total current assets 400,735 105,286
Long-term investments 69,812 0
Property and equipment, net 198 460
Goodwill 10,502 10,502
Restricted cash, net of current portion 183 210
Total assets 481,430 116,458
Current liabilities:    
Accounts payable 2,458 137
Accrued expenses and other current liabilities 21,636 12,803
Total current liabilities 24,094 12,940
Royalty obligation 2,000 2,000
Deferred tax liability, net 470 434
Derivative liability, non-current 18,320 18,000
Other long-term liabilities 0 35
Total liabilities 44,884 33,409
Mezzanine equity:    
Temporary equity, values issued 0 0
Stockholders’ equity:    
Common stock—$0.001 par value; 200,000,000 shares authorized at September 30, 2026 and December 31, 2025; 53,923,083 and 18,512,757 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 54 18
Additional paid-in capital 961,459 531,485
Accumulated other comprehensive (loss) income (1,512) 68
Accumulated deficit (523,455) (448,522)
Total stockholders’ equity 436,546 83,049
Total liabilities, mezzanine equity and stockholders’ equity 481,430 116,458
Series D Preferred Stock    
Mezzanine equity:    
Temporary equity, values issued 0 0
Series E Preferred Stock    
Mezzanine equity:    
Temporary equity, values issued 0 0
Series C preferred stock    
Stockholders’ equity:    
Series C Preferred Stock—$0.001 par value; 3,359 and 34,326 shares of Series C Preferred Stock authorized at September 30, 2026 and December 31, 2025, respectively; 3,359 and 18,792 shares of Series C Preferred Stock issued and outstanding at September 30, 2026 and December 31, 2025, respectively 0 0
Series C-1 preferred Stock    
Stockholders’ equity:    
Series C Preferred Stock—$0.001 par value; 3,359 and 34,326 shares of Series C Preferred Stock authorized at September 30, 2026 and December 31, 2025, respectively; 3,359 and 18,792 shares of Series C Preferred Stock issued and outstanding at September 30, 2026 and December 31, 2025, respectively $ 0 $ 0