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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 18,563 $ 17,618
Restricted cash, current 0 1,178
Prepaid expenses and other current assets 748 1,897
Total current assets 19,311 20,693
Property and equipment, net 295 483
Operating lease, right-of-use assets 4,782 5,706
Restricted cash, noncurrent 704 696
Other long-term prepaid assets 770 600
Total assets 25,862 28,178
Current liabilities    
Accounts payable 672 1,038
Accrued expenses 6,427 8,415
Deferred research obligation 0 1,169
Operating lease liability, current 1,011 901
Total current liabilities 8,110 11,523
Warrant liabilities 2,615 2,828
Operating lease liability, noncurrent 4,094 5,105
Long-term debt, net 9,407 20,034
Total liabilities 24,226 39,490
Commitments and contingencies—Note 9
Stockholders' equity (deficit):    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.01 par value; 300,000,000 shares authorized; 17,814,762 and 11,043,837 shares issued at December 31, 2025 and 2024, respectively; 17,800,307 and 11,029,382 shares outstanding as of December 31, 2025 and 2024, respectively 178 110
Treasury stock, at cost, 14,455 shares outstanding (150) (150)
Additional paid-in capital 235,407 183,004
Accumulated other comprehensive loss (127) (175)
Accumulated deficit (233,672) (194,101)
Total stockholders' equity (deficit) 1,636 (11,312)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) $ 25,862 $ 28,178