Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 82,982 $ 163,962
Short-term investments 50,617 0
Prepaid expenses and other current assets 5,272 2,713
Total current assets 138,871 166,675
Property and equipment, net 1,922 2,743
Finance lease right-of-use assets 15,700 7,020
Operating lease right-of-use assets 3,431 6,315
Other assets 5,159 2,293
Total Assets 165,083 185,046
Current liabilities:    
Accounts payable 6,636 4,923
Accrued and other current liabilities 19,298 12,188
Finance lease liabilities, current portion 20,758 5,989
Operating lease liabilities, current portion 3,461 3,986
Total current liabilities 50,153 27,086
Finance lease liabilities, net of current portion 2,879 3,241
Operating lease liabilities, net of current portion 0 2,384
Total Liabilities 53,032 32,711
Commitments and contingencies (see Notes 6 and 7)
Stockholders’ equity:    
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued or outstanding at December 31, 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 December 31, 2025 and 150,000,000 (143,590,481 voting and 6,409,519 non-voting) shares authorized as of December 31, 2024; 100,479,323 voting shares issuedand outstanding as of December 31, 2025 and 50,743,101voting shares issued and outstanding as of December 31, 2024 1 1
Additional paid-in capital 628,982 501,435
Accumulated other comprehensive income 25 0
Accumulated deficit (516,957) (349,101)
Total stockholders’ equity 112,051 152,335
Total liabilities and stockholders’ equity $ 165,083 $ 185,046