XML 28 R12.htm IDEA: XBRL DOCUMENT
v3.25.4

Balance Sheet Details | 12 Months Ended
--- | ---
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Details | Balance Sheet Details Inventory consisted of the following:
| December 31, 2025 |  | December 31, 2024
Raw materials | $ | — |  |  | $ | — |
Work in process | 2,004 |  |  | — |
Finished goods | 18 |  |  | — |
| $ | 2,022 |  |  | $ | — |
Inventory balances as of December 31, 2025 reflect the capitalization of PALSONIFY manufacturing costs following the regulatory approval in September 2025. PALSONIFY inventory produced prior to approval was expensed as research and development. There were no write-downs of inventory for the year ended December 31, 2025. Prepaid expenses and other assets consisted of the following:
| December 31, 2025 |  | December 31, 2024
Prepaid clinical costs | $ | 19,547 |  |  | $ | 6,842 |
Interest receivable | 7,758 |  |  | 8,310 |
Deferred compensation plan | 3,249 |  |  | 829 |
Prepaid research and development costs | 2,901 |  |  | 714 |
Loyal preferred stock (Note 8) | 2,000 |  |  | 2,000 |
Prepaid subscriptions | 1,255 |  |  | 2,561 |
Other | 3,456 |  |  | 2,392 |
Total prepaid expenses and other assets | 40,166 |  |  | 23,648 |
Less prepaid expenses and other current assets | (17,839) |  |  | (20,819) |
Prepaid expenses and other assets, net of current portion | $ | 22,327 |  |  | $ | 2,829 |
Property and equipment, net consisted of the following:
| December 31, 2025 |  | December 31, 2024
Leasehold improvements | $ | 10,003 |  |  | $ | 11,900 |
Lab equipment | 9,960 |  |  | 5,693 |
Office equipment | 2,225 |  |  | 2,147 |
Computers and software | 60 |  |  | 60 |
Property and equipment at cost | 22,248 |  |  | 19,800 |
Less accumulated depreciation and amortization | (7,952) |  |  | (7,732) |
Total | $ | 14,296 |  |  | $ | 12,068 |
Depreciation and amortization expense was $3.9 million, $2.8 million and $1.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Accounts payable and accrued expenses consisted of the following:
| December 31, 2025 |  | December 31, 2024
Accounts payable | $ | 22,611 |  |  | $ | 5,853 |
Accrued clinical trial costs | 7,369 |  |  | 3,076 |
Accrued research and development costs | 4,506 |  |  | 6,067 |
Accrued outside services and professional fees | 4,430 |  |  | 5,572 |
Other accrued expenses | 2,854 |  |  | 901 |
Total | $ | 41,770 |  |  | $ | 21,469 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration