Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 36,473 $ 47,998
Prepaid expenses and other current assets 1,267 1,383
Total Current Assets 37,740 49,381
Property and equipment, net of accumulated depreciation of $846 and $1,064 700 295
Restricted cash – long-term 339 335
Operating leases right-of-use assets, net 1,373 1,754
Finance leases right-of-use assets, net 5 10
Total Assets 40,157 51,775
Current Liabilities:    
Accounts payable and accrued expenses 8,514 7,247
Operating leases current liability 741 711
Finance leases current liability 5 11
Total Current Liabilities 9,260 7,969
Long-term license revenue - deferred 35,000
Long-term operating lease obligations 595 972
Total Liabilities 9,855 43,941
Commitments and contingencies
Stockholders’ Equity:    
Preferred stock, $0.001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 31,374,991 and 31,195,891 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 31 31
Additional paid-in capital 417,665 417,536
Accumulated other comprehensive loss (60) (20)
Accumulated deficit (387,334) (409,713)
Total Stockholders’ Equity 30,302 7,834
Total Liabilities and Stockholders’ Equity $ 40,157 $ 51,775