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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 180,434 $ 212,610
Accounts receivable 1,765 872
Prepaid expenses and other current assets 2,921 3,144
Total current assets 185,120 216,626
Non-current assets:    
Property and equipment, net 10,174 9,912
Right-of-use asset, net 5,351 5,535
In-process research and development assets 150,600 150,600
Goodwill 48,163 48,163
Long-term restricted cash 1,669 1,669
Investments 2,000 2,000
Other assets 6,053 518
Total assets 409,130 435,023
Current liabilities:    
Accounts payable 2,097 288
Accrued expenses and other current liabilities 9,197 12,076
Lease liability 3,704 2,851
Contingent value right liability 0 7,761
Total current liabilities 14,998 22,976
Non-current liabilities:    
Lease liability, net of current portion 10,362 11,133
Warrant liabilities, net of current portion 2,018 3,836
Contingent value right liability, net of current portion 387,400 387,739
Deferred tax liabilities, net 16,141 16,141
Total liabilities 430,919 441,825
Commitments and contingencies (Note 17)
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 25,936,101 and 25,767,369 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 3 3
Additional paid-in capital 692,578 689,887
Accumulated deficit (709,781) (692,071)
Accumulated other comprehensive loss (4,589) (4,621)
Total stockholders’ deficit (21,789) (6,802)
Total liabilities, convertible preferred stock, and stockholders’ deficit 409,130 435,023
Series A Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued 0 0
Series B Preferred Stock    
Stockholders’ deficit:    
Preferred stock, value, issued $ 0 $ 0