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CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 10,135 $ 51,470
Short-term investments 50,456 40,276
Accounts receivable and unbilled receivable 254 773
Prepaid expenses and other current assets 956 2,535
Total current assets 61,801 95,054
Property and equipment, net 666 898
Operating lease right-of-use assets 764 1,169
Other assets 549 69
Total Assets 63,780 97,190
Current liabilities:    
Accounts payable 2,441 4,821
Accrued liabilities 11,539 7,897
Operating lease liabilities 726 710
Total current liabilities 14,706 13,428
Operating lease liabilities, net of current portion 284 813
Total Liabilities 14,990 14,241
Commitments and contingencies (Note 6)
Stockholders’ equity    
Preferred stock, $0.001 par value, 20,000 shares authorized; 277 designated as Series A Convertible Preferred Stock; 61 shares outstanding at September 30, 2025 and December 31, 2024 with liquidation preference of $1,111 and $1,092 at September 30, 2025 and December 31, 2024 respectively 0 0
Common stock, $0.0001 par value, 150,000 shares authorized; 67,095 and 66,524 shares issued and outstanding at September 30, 2025 and December 31, 2024 respectively 7 7
Additional paid-in capital 471,547 467,087
Accumulated other comprehensive gain 50 34
Accumulated deficit (422,814) (384,179)
Total stockholders’ equity 48,790 82,949
Total liabilities and stockholders’ equity $ 63,780 $ 97,190