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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 58,871 $ 115,462
Marketable securities   28,923
Receivable from former parent   51
Prepaid expenses 1,212 7,676
Restricted cash 1,711  
Other current assets 364 805
Total current assets 62,158 152,917
Property and equipment, net 466 7,715
Right-of-use assets 3,134 6,783
Restricted cash 0 1,969
Other assets   10
TOTAL ASSETS 65,758 169,394
CURRENT LIABILITIES:    
Accounts payable   2,056
Accrued expenses 6,790 18,534
Operating lease liabilities-short-term 3,505 5,560
Other current liabilities 235 45
Total current liabilities 10,530 26,195
Operating lease liabilities-long-term 42 2,462
Other liabilities 0 235
Total liabilities 10,572 28,892
Commitments and contingencies (Note 10)
Preferred shares, nominal value $0.01; 50,000,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued or outstanding at September 30, 2025 or December 31, 2024 0 0
Ordinary shares, nominal value $0.01; 450,000,000 ordinary shares authorized at September 30, 2025 and December 31, 2024; 17,324,771 and 17,095,371 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 174 171
Additional paid-in capital 299,208 299,682
Unrealized gain on marketable securities   20
Accumulated deficit (244,196) (159,371)
Total equity 55,186 140,502
TOTAL LIABILITIES AND EQUITY $ 65,758 $ 169,394