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CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 62,242 $ 85,899
Accounts receivable 0 229
Marketable securities 0 413
Prepaid expenses 7,450 6,441
Assets held for sale 140 169
Contract asset 0 1,469
Other current assets 427 369
Total current assets 70,259 94,989
Restricted cash 22,564 22,569
Property, equipment, and software—net 2,356 3,089
Intangible assets—net 605 622
Right-of-use assets—net 6,462 7,090
Investment in equity securities 744 3,206
Note receivable—net 5,730 4,602
Other assets 208 221
Total assets 108,928 136,388
Current liabilities:    
Accounts payable 1,121 1,312
Accrued compensation 2,450 5,182
Accrued research and development expenses 991 2,016
Deferred revenue 5,989 2,957
Lease liabilities 1,411 1,320
Other current liabilities 721 989
Current liabilities of discontinued operations 885 1,204
Total current liabilities 13,568 14,980
Loan payable 22,354 22,321
Deferred revenue 20,225 23,300
Lease liabilities 5,680 6,404
Warrant liability 2,847 2,796
Contract liabilities 10,000 10,000
Other noncurrent liabilities 200 194
Total liabilities 74,874 79,995
Stockholders’ equity:    
Preferred stock: $0.0001 par value— 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Common stock: $0.000005 par value— 200,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 11,663,996 shares issued and 11,636,981 shares outstanding as of June 30, 2025; 8,229,730 shares issued and 8,202,715 shares outstanding as of December 31, 2024 1 1
Additional paid-in capital 561,554 539,808
Accumulated deficit (526,549) (482,464)
Treasury stock (952) (952)
Total stockholders’ equity 34,054 56,393
Total liabilities and stockholders’ equity $ 108,928 $ 136,388