v3.25.4

Liquidity (Details) $ in Thousands |  | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
--- | --- | --- | --- | --- | --- | ---
Dec. 15, 2025 employee | Jan. 31, 2026 USD ($) | Dec. 31, 2025 USD ($) | Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Jun. 30, 2025 USD ($) | Feb. 12, 2026 USD ($)
Liquidity |  |  |  |  |  |  |  |  |
Net loss |  |  |  | $ 22,774 | $ 15,730 | $ 40,924 | $ 31,108 | $ 74,400 |
Net cash used in operating activities |  |  |  |  |  | 37,754 | $ 29,680 | 69,100 |
Accumulated deficit |  |  | $ 444,780 | 444,780 |  | 444,780 |  | 403,856 |
Cash and cash equivalents |  |  | 11,944 | 11,944 |  | 11,944 |  | 94,107 |
Short-term investments |  |  | 120,994 | 120,994 |  | 120,994 |  | 73,751 |
Total liabilities |  |  | 10,631 | 10,631 |  | 10,631 |  | 13,363 |
Current liabilities |  |  | 9,529 | 9,529 |  | 9,529 |  | $ 11,912 |
Reduction in workforce | employee | 29 |  |  |  |  |  |  |  |
One-time severance expenses |  |  | 1,500 | 1,500 |  | 1,500 |  |  |
One-time severance benefits |  |  | $ 1,500 | $ 1,500 |  | 1,500 |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |
Liquidity |  |  |  |  |  |  |  |  |
One-time severance benefits |  | $ 0 |  |  |  |  |  |  | $ 0
Payments related to one-time severance benefits |  | $ 1,500 |  |  |  |  |  |  |
XOMA (US) LLC | US Clinical Trial Rz358 (ersodetug) | Xoma License Agreement | Upon Regulatory Approval |  |  |  |  |  |  |  |  |
Liquidity |  |  |  |  |  |  |  |  |
Milestone closing payment |  |  |  |  |  | $ 25,000 |  |  |

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