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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 194,834 $ 119,731
Prepaid expenses and other current assets 2,918 1,658
Total current assets 197,752 121,389
Fixed assets, net 2,075 1,642
Lease right of use assets 1,569 1,661
Restricted cash 416 416
Other assets 108 87
Total assets 201,920 125,195
Current liabilities:    
Accounts payable 3,036 1,129
Accrued expenses 3,473 7,334
Current portion of lease liability 453 445
Other current liabilities 89 89
Total current liabilities 7,051 8,997
Deferred revenue 67 89
Term loan 46,428 46,122
Other long-term debt 1,047 1,008
Lease liability, net of current portion 1,343 1,459
Warrant liabilities 7,955 15,598
Total liabilities 63,891 73,273
Commitments and contingencies (Note 15)
Stockholders' equity    
Preferred stock, $0.01 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued or outstanding at March 31, 2026 and December 31, 2025.
Common stock, $0.01 par value; 150,000,000 shares authorized at March 31, 2026 and December 31, 2025; 73,380,472 and 55,020,911 shares issued at March 31, 2026 and December 31, 2025, respectively; 73,257,864 and 54,898,303 shares outstanding at March 31, 2026 and December 31, 2025, respectively. 733 550
Treasury stock (at cost) (448) (448)
Additional paid-in capital 376,992 282,207
Accumulated deficit (239,248) (230,387)
Total stockholders' equity 138,029 51,922
Total liabilities and stockholders' equity $ 201,920 $ 125,195