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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 30,793 $ 127,965
Accounts receivable due from SPN - related party 2,068 0
Prepaid expenses and other current assets [1] 5,813 8,049
Current assets of discontinued operations 0 39,396
Total current assets 38,674 175,410
Property and equipment, net 11,534 17,614
Operating lease assets 80,903 90,417
Restricted cash 8,668 8,185
Restricted investments 0 1,401
Other non-current assets 31 2,187
Non-current assets of discontinued operations [2] 0 63,386
Total assets 139,810 358,600
Current liabilities:    
Accounts payable 4,079 3,641
Accrued expenses and other current liabilities 10,719 22,509
Accrued liabilities due to SPN - related party 17,750 0
Operating lease liabilities 8,674 5,587
Current liabilities of discontinued operations [3] 0 66,922
Total current liabilities 41,222 98,659
Long term portion of note payable, net of discount 0 101,544
Operating lease liabilities, net of current portion 82,966 91,652
Warrant liabilities 0 546
Other long-term liabilities 1,838 1,628
Non-current liabilities of discontinued operations 0 109,427
Total liabilities 126,026 403,456
Commitments and contingencies (Note 14)
Stockholders (deficit) equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2024 and 2023; no shares issued and outstanding at December 31, 2024 and 2023 0 0
Common stock, $0.001 par value; 360,000,000 and 240,000,000 shares authorized at December 31, 2024 and 2023, respectively; 173,008,198 and 135,041,467 shares issued and outstanding at December 31, 2023 and 2022, respectively 173 135
Additional paid-in capital 991,710 933,244
Accumulated deficit (978,099) (978,235)
Total stockholders' equity (deficit) 13,784 (44,856)
Total liabilities and stockholders' equity $ 139,810 $ 358,600
[1] Includes $2,683 as of December 31, 2024 of unbilled receivable from SPN (related party) related to certain costs of the transition services performed by the Company. See Note 3, Discontinued Operations and TSA, for further details.
[2] Includes $38,877 as of December 31, 2023 of milestones related to the construction of the Company's dedicated manufacturing suite at BacThera AG, or Bacthera.
[3] Includes related party amounts of $35,783 at December 31, 2023.