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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 16,051 $ 34,050
Short-term investments (See Note 3) 43,249 40,312
Prepaid expenses and other current assets (See Note 4) 2,184 5,548
License agreement receivable 753 2,463
License agreement contract asset 9,509 19,363
Restricted cash 435 380
Total current assets 72,181 102,116
Investments (See Note 3) 15,846 23,594
Deferred offering costs 417 175
Restricted cash 109 163
Operating lease right-of-use asset (Note 7) 2,090 2,364
Total assets 90,643 128,412
Current liabilities:    
Accounts payable 4,569 7,149
Accrued expenses (See Note 5) 3,793 7,495
Deferred revenue, current portion 1,642 1,189
Operating lease liability, current portion (Note 7) 407 340
Warrant liabilities 0 130
Convertible debt and derivative liability (Note 6) 13,688 0
Total current liabilities 24,099 16,303
Deferred revenue 1,294 2,727
Warrant liabilities 7,998 21,680
Convertible debt and derivative liability (Note 6) 0 12,159
Operating lease liability (Note 7) 2,175 2,581
Total liabilities 35,566 55,450
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value, authorized 5,000,000 shares as of December 31, 2024 and December 31, 2023; 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023 0 0
Common stock, $0.001 par value, 150,000,000 shares authorized as of December 31, 2024 and 2023; 37,973,991 and 37,207,799 shares issued and outstanding as of December 31, 2024, and December 31, 2023, respectively 41 40
Additional paid-in capital 431,571 428,169
Accumulated deficit (376,535) (355,247)
Total stockholders’ equity 55,077 72,962
Total liabilities and stockholders’ equity $ 90,643 $ 128,412