v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 193,297 $ 57,982
Short-term investments 43,383 0
Prepaid expenses and other current assets 2,287 1,005
Total current assets 238,967 58,987
Operating lease right-of-use assets, net 435 572
Total assets 239,402 59,559
Current liabilities:    
Accounts payable 5,161 4,595
Current portion of derivative liabilities 2,600  
Current portion of operating lease liability 225 202
Accrued expenses and other current liabilities 6,992 4,351
Total current liabilities 14,928 11,344
Long-term portion of operating lease liability 260 431
Royalty agreement liability 24,921 17,760
Long-term portion of derivative liabilities - royalty agreement 1,369 2,041
Total liabilities 41,478 31,576
Commitments and contingencies (Note 8)
Stockholders' deficit:    
Common stock, $0.001 par value; 200,000,000 shares authorized; 14,607,244 and 12,380,933 shares issued and outstanding at September 30, 2026 and December 31, 2025 15 12
Additional paid-in capital 395,583 163,338
Accumulated other comprehensive (loss) income 56 83
Accumulated deficit (197,730) (135,450)
Total stockholders' equity 197,924 27,983
Total liabilities and stockholders' equity 239,402 59,559
Contingent Value Right Liability [Member]    
Current liabilities:    
Current portion of derivative liabilities 0 2,196
Royalty Agreement [Member]    
Current liabilities:    
Current portion of derivative liabilities $ 2,550 $ 0