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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 3,669 $ 20,549
Short-term investments 89,732 119,629
Prepaid expenses and other current assets 2,900 3,552
Total current assets 96,301 143,730
Operating lease asset, net 694 926
In-process research and development 32,386 32,386
Other assets 476 363
Total assets 129,857 177,405
Current liabilities:    
Accounts payable 4,627 5,833
Current operating lease liabilities 346 314
Accrued expenses and other liabilities 9,323 5,430
Total current liabilities 14,296 11,577
Deferred tax liabilities 2,183 2,183
Non-current operating lease liabilities 376 640
Warrant liabilities 21,948 44,865
Total liabilities 38,803 59,265
Commitments and contingencies (Note 7)
Stockholders' equity:    
Common stock, $0.001 par value, 300,000,000 shares authorized at September 30, 2025 and 200,000,000 at December 31, 2024 ;59,881,775 and 59,789,275 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 60 60
Additional paid-in capital 426,047 417,946
Accumulated other comprehensive income 9 26
Accumulated deficit (390,756) (355,586)
Total stockholders’ equity 35,360 62,446
Total liabilities, convertible preferred stock and stockholders' equity 129,857 177,405
Series X1 Non-voting Convertible Preferred Stock [Member]    
Current liabilities:    
Convertible preferred stock, value 53,543 53,543
Series X Non-Voting Convertible Preferred Stock [Member]    
Current liabilities:    
Convertible preferred stock, value $ 2,151 $ 2,151