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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 164,322 $ 88,818
Grant receivable 200 200
Accounts receivable, net 2,076  
Inventory 1,168  
Prepaid expenses and other current assets 6,507 5,943
Total current assets 174,273 94,961
Property and equipment, net 21 32
Right-of-use asset, net 963 1,405
Intangible assets, net 15,636  
Restricted cash   241
Other assets 5,371 4,899
Total assets 196,264 101,538
Current liabilities:    
Accounts payable 8,047 4,026
Accrued expenses 38,136 25,952
Note payable 467  
Vendor financing arrangement, short-term 2,667  
Lease liability, short-term 1,044 995
Total current liabilities 50,361 30,973
Non-current liabilities:    
Long-term debt 74,274 40,724
Vendor financing arrangement, long-term 6,263  
Lease liability, long-term   535
Accrued expenses, long-term 7,553  
Warrant liability 21,757 58,199
Total liabilities 160,208 130,431
Convertible preferred stock:    
Series B Convertible Preferred Stock, $0.0001 par value; 944 shares designated at June 30, 2025 and December 31, 2024, respectively; 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
Stockholders' equity:    
Preferred Stock, $0.0001 par value; 5,000 shares authorized: Series A Convertible Preferred Stock, $0.0001 par value; 0 shares and 1,000 shares designated at June 30, 2025 and December 31, 2024, respectively, 0 shares and 1,000 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
Common stock, $0.0001 par value; 300,000 shares authorized, 61,523 and 44,784 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 6 4
Additional paid-in capital 1,064,324 926,630
Accumulated other comprehensive income 5,290  
Accumulated deficit (1,033,564) (955,527)
Total stockholders' (deficit) equity 36,056 (28,893)
Total liabilities, convertible preferred stock and stockholders' equity $ 196,264 $ 101,538