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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
[1]
Revenue:    
Total revenue $ 10,861 $ 10,460
Operating costs and expenses:    
Research and development (including $1,708 and $208 for the three months ended March 31, 2026 and 2025, respectively, from a related party) 35,680 30,480
General and administrative 13,439 24,346
Restructuring and impairment 796 169
Total operating costs and expenses 49,915 54,995
Loss from operations (39,054) (44,535)
Non-operating income (expense):    
Non-cash interest expense on liabilities related to the sales of future royalties (7,942) (4,974)
Interest income 4,242 2,874
Other income (expense), net (including income of $2 and $321 for the three months ended March 31, 2026 and 2025, respectively, from a related party) (336) 266
Total non-operating income (expense), net (4,036) (1,834)
Loss before provision for income taxes and equity method investment (43,090) (46,369)
Provision for income taxes 64 52
Loss before equity method investment (43,154) (46,421)
Loss from equity method investment (1,750) (4,461)
Net loss $ (44,904) $ (50,882)
Basic net loss per share (in dollars per share) $ (1.82) $ (3.62)
Diluted net loss per share (in dollars per share) $ (1.82) $ (3.62)
Weighted average shares outstanding used in computing basic net loss per share (in shares) 24,736,066 14,063,402
Weighted average shares outstanding used in computing diluted net loss per share (in shares) 24,736,066 14,063,402
Non-cash royalty revenue related to the sales of future royalties    
Revenue:    
Total revenue $ 10,861 $ 10,460
[1] All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split (see Note 1).