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Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 17,470 $ 51,470
Short-term investments 40,834 40,276
Accounts receivable and unbilled receivable 182 773
Prepaid expenses and other current assets 1,642 2,535
Total current assets 60,128 95,054
Property and equipment, net 578 898
Operating lease right-of-use assets 629 1,169
Other assets 549 69
Total Assets 61,884 97,190
Current liabilities:    
Accounts payable 8,087 4,821
Accrued liabilities 7,577 7,897
Operating lease liabilities 730 710
Total current liabilities 16,394 13,428
Operating lease liabilities, net of current portion 102 813
Total Liabilities 16,496 14,241
Commitments and contingencies (Note 9)
Stockholders’ equity    
Preferred stock, $0.001 par value, 20,000 shares authorized; 277 designated as Series A Convertible Preferred Stock; 61 shares outstanding at December 31, 2025 and December 31, 2024 with liquidation preference of $1,117 and $1,092 at December 31, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.0001 par value, 150,000 shares authorized; 68,305 and 66,524 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 7 7
Additional paid-in capital 475,361 467,087
Accumulated other comprehensive gain 50 34
Accumulated deficit (430,030) (384,179)
Total stockholders’ equity 45,388 82,949
Total liabilities and stockholders’ equity $ 61,884 $ 97,190