v3.25.2
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' (DEFICIT) EQUITY - USD ($)
$ in Thousands
Common stock
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Noncontrolling interests
Total
Beginning balance (in shares) at Dec. 31, 2022           8,700,885
Beginning balance at Dec. 31, 2022           $ 107,808
Convertible preferred stock            
Conversion of convertible preferred stock and non-controlling interests to common stock (in shares)           (8,700,885)
Conversion of convertible preferred stock and non-controlling interests to common stock           $ (107,808)
Beginning balance (in shares) at Dec. 31, 2022 2,217,737          
Beginning balance at Dec. 31, 2022 $ 2 $ 1,197 $ (41) $ (158,223) $ 14,395 (142,670)
Stockholders' (Deficit) Equity            
Exercise of stock options (in shares) 128,716          
Exercise of stock options   187       187
Stock-based compensation   2,316       2,316
Unrealized gain on marketable securities     440     440
Reclassification to net loss of previous unrealized gain on marketable securities     $ (399)     (399)
Issuance of common stock for cash in pre-closing financing (in shares) 3,730,608          
Issuance of common stock for cash in pre-closing financing $ 4 30,636       30,640
Issuance of common stock upon settlement of convertible promissory note, accrued interest, and related derivative liability (in shares) 5,059,338          
Issuance of common stock upon settlement of convertible promissory note, accrued interest, and related derivative liability $ 5 42,442       42,447
Issuance of common stock to Sesen Bio shareholders in reverse capitalization (in shares) 10,374,272          
Issuance of common stock to Sesen Bio shareholders in reverse capitalization $ 10 72,034       72,044
Conversion of convertible preferred stock and non-controlling interests to common stock (in shares) 18,872,711          
Conversion of convertible preferred stock and non-controlling interests to common stock $ 19 122,185     $ (14,395) 107,809
Sale of common stock under Open Market Sales Agreement, net of issuance costs (in shares) 226,533          
Sale of common stock under Open Market Sales Agreement, net of issuance costs   597       597
Net loss       (86,879)   (86,879)
Ending balance (in shares) at Dec. 31, 2023 40,609,915          
Ending balance at Dec. 31, 2023 $ 40 271,594   (245,102)   26,532
Stockholders' (Deficit) Equity            
Exercise of stock options (in shares) 1,579          
Exercise of stock options   2       2
Stock-based compensation   1,057       1,057
Sale of common stock under Open Market Sales Agreement, net of issuance costs (in shares) 931,250          
Sale of common stock under Open Market Sales Agreement, net of issuance costs $ 1 2,281       2,282
Net loss       (18,978)   (18,978)
Ending balance at Mar. 31, 2024 $ 41 274,934   (264,080)   10,895
Beginning balance (in shares) at Dec. 31, 2023 40,609,915          
Beginning balance at Dec. 31, 2023 $ 40 271,594   (245,102)   26,532
Stockholders' (Deficit) Equity            
Net loss           (30,140)
Ending balance at Jun. 30, 2024 $ 41 275,561   (275,242)   360
Beginning balance (in shares) at Dec. 31, 2023 40,609,915          
Beginning balance at Dec. 31, 2023 $ 40 271,594   (245,102)   $ 26,532
Stockholders' (Deficit) Equity            
Exercise of stock options (in shares) 3,810         3,810
Exercise of stock options   4       $ 4
Stock-based compensation   3,649       3,649
Sale of common stock under Open Market Sales Agreement, net of issuance costs (in shares) 1,136,384          
Sale of common stock under Open Market Sales Agreement, net of issuance costs $ 1 2,382       2,383
Net loss       (60,477)   (60,477)
Ending balance (in shares) at Dec. 31, 2024 41,750,109          
Ending balance at Dec. 31, 2024 $ 41 277,629   (305,579)   (27,909)
Beginning balance at Mar. 31, 2024 $ 41 274,934   (264,080)   10,895
Stockholders' (Deficit) Equity            
Exercise of stock options (in shares) 2,231          
Exercise of stock options   2       2
Stock-based compensation   625       625
Net loss       (11,162)   (11,162)
Ending balance at Jun. 30, 2024 $ 41 275,561   (275,242)   360
Beginning balance at Dec. 31, 2024 $ 41 277,629   (305,579)   (27,909)
Stockholders' (Deficit) Equity            
Exercise of stock options (in shares) 37,987          
Exercise of stock options   5       5
Stock-based compensation   508       508
Net loss       (9,266)   (9,266)
Ending balance at Mar. 31, 2025 $ 41 278,142   (314,845)   (36,662)
Beginning balance (in shares) at Dec. 31, 2024 41,750,109          
Beginning balance at Dec. 31, 2024 $ 41 277,629   (305,579)   $ (27,909)
Stockholders' (Deficit) Equity            
Exercise of stock options (in shares)           37,987
Net loss           $ (19,040)
Ending balance at Jun. 30, 2025 41 278,573   (324,619)   (46,005)
Beginning balance at Mar. 31, 2025 41 278,142   (314,845)   (36,662)
Stockholders' (Deficit) Equity            
Stock-based compensation   431       431
Net loss       (9,774)   (9,774)
Ending balance at Jun. 30, 2025 $ 41 $ 278,573   $ (324,619)   $ (46,005)