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, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 145,612 $ 163,962
Short-term investments 49,070 0
Prepaid expenses and other current assets 3,725 2,713
Total current assets 198,407 166,675
Property and equipment, net 2,374 2,743
Finance lease right-of-use assets 16,689 7,020
Operating lease right-of-use assets 4,528 6,315
Other assets 2,502 2,293
Total Assets 224,500 185,046
Current liabilities:    
Accounts payable 7,193 4,923
Accrued and other current liabilities 13,933 12,188
Finance lease liabilities, current portion 16,428 5,989
Operating lease liabilities, current portion 3,986 3,986
Total current liabilities 41,540 27,086
Finance lease liabilities, net of current portion 3,899 3,241
Operating lease liabilities, net of current portion 580 2,384
Total Liabilities 46,019 32,711
Commitments and contingencies (see Notes 5 and 6)
Stockholders’ equity:    
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued or outstanding at June 30, 2025 and December 31, 2024 0 0
Voting and non-voting common stock, $0.00001 par value: 300,000,000 (293,590,481 voting and 6,409,519 non-voting) shares authorized as of June 30, 2025 and 150,000,000 (143,590,481 voting and 6,409,519 non-voting) shares authorized as of December 31, 2024; 91,451,899 voting shares issued and outstanding as of June 30, 2025 and 50,743,101 voting shares issued and outstanding as of December 31, 2024 1 1
Additional paid-in capital 608,651 501,435
Accumulated other comprehensive income 1 0
Accumulated deficit (430,172) (349,101)
Total stockholders’ equity 178,481 152,335
Total liabilities and stockholders’ equity $ 224,500 $ 185,046