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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 212,610 $ 76,911
Accounts receivable 872 5,870
Unbilled receivables 0 2,981
Prepaid expenses and other current assets 3,144 4,967
Total current assets 216,626 90,729
Non-current assets:    
Property and equipment, net 9,912 2,113
Right-of-use asset, net 5,535 10,068
In-process research and development assets 150,600 150,600
Goodwill 48,163 48,163
Long-term restricted cash 1,669 1,377
Investments 2,000 2,000
Other assets 518 0
Total assets 435,023 305,050
Current liabilities:    
Accounts payable 288 3,150
Accrued expenses and other current liabilities 12,076 15,572
Lease liability 2,851 2,166
Deferred revenue 0 2,311
Warrant liabilities 0 720
Contingent value right liability 7,761 15,983
Forward contract liabilities 0 28,307
Total current liabilities 22,976 68,209
Non-current liabilities:    
Lease liability, net of current portion 11,133 8,789
Deferred revenue, net of current portion 0 3,538
Warrant liabilities, net of current portion 3,836 5,674
Contingent value right liability, net of current portion 387,739 342,617
Deferred tax liabilities, net 16,141 15,853
Total liabilities 441,825 444,680
Commitments and contingencies (Note 19)
Series A Preferred Stock, $0.0001 par value; no and 548,375 shares authorized as of December 31, 2024 and December 31, 2023, respectively; no and 435,120.513 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 0 296,851
Options for Series A Preferred Stock 0 3,703
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 25,767,369 and 5,397,597 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 3 1
Additional paid-in capital 689,887 179,062
Accumulated deficit (692,071) (614,647)
Accumulated other comprehensive loss (4,621) (4,600)
Total stockholders’ deficit (6,802) (440,184)
Total liabilities, convertible preferred stock, and stockholders’ deficit 435,023 305,050
Series A Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Series B Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued $ 0 $ 0