Balance Sheet Details

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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