Quarterly report [Sections 13 or 15(d)]

Balance Sheets

v3.26.1
Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 44,185 $ 29,198
Prepaid expenses and other current assets 9,895 7,692
Marketable securities 17,240 12,071
Total current assets 71,320 48,961
Right of use asset, net 668 108
Property and equipment, net 41 66
Total assets 72,029 49,135
Current liabilities:    
Accounts payable 2,234 383
Accrued liabilities 2,136 1,523
Warrant liability 13,718 16,915
Operating lease liability - current 616 117
Total current liabilities 18,704 18,938
Operating lease liability – long term 55
Total liabilities 18,759 18,938
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock, value
Common stock, $0.001 par value per share – 400,000,000 shares authorized at December 31, 2025, and June 30, 2026; 22,114,245 and 27,855,257 shares issued and outstanding at December 31, 2025, and June 30, 2026, respectively 28 22
Accumulated other comprehensive loss (23) (1)
Additional paid-in capital 195,635 158,001
Accumulated deficit (142,370) (127,825)
Total stockholders’ equity 53,270 30,197
Total liabilities and stockholders’ equity 72,029 49,135
Series A-2 Prime Preferred Stock    
Stockholders’ equity:    
Preferred stock, value
Series B-2 Preferred Stock    
Stockholders’ equity:    
Preferred stock, value