v3.26.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet A reconciliation of the cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows is as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

15,893

 

 

$

40,577

 

Restricted cash

 

 

1,993

 

 

 

1,993

 

Total

 

$

17,886

 

 

$

42,570

 

Property Plant And Equipment Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:

 

Property and Equipment

 

Estimated Useful Life

Laboratory equipment

 

5 years

Computer software and equipment

 

3 years

Office furniture and fixtures

 

7 years

Leasehold improvements

 

Shorter of useful life or remaining term of related lease

Property and equipment consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Property and equipment:

 

 

 

 

 

 

Laboratory equipment

 

$

3,927

 

 

$

3,927

 

Computer software and equipment

 

 

159

 

 

 

159

 

Office furniture and fixtures

 

 

961

 

 

 

961

 

Leasehold improvements

 

 

553

 

 

 

486

 

Total

 

$

5,600

 

 

$

5,533

 

Accumulated depreciation

 

 

(4,549

)

 

 

(4,129

)

Property and equipment, net

 

$

1,051

 

 

$

1,404

 

Accumulated depreciation includes $1.9 million related to loss on impairment in 2024 of property and equipment described below at December 31, 2025 and 2024. In addition, the Company recognized approximately $0.5 million of depreciation expense for each of the years ended December 31, 2025 and 2024.

Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net loss

 

$

(28,919

)

 

$

(93,435

)

Net loss attributable to common stockholders

 

$

(28,919

)

 

$

(93,435

)

Denominator:

 

 

 

 

 

 

Weighted-average common shares—basic and diluted

 

 

1,553,473

 

 

 

1,302,277

 

Net loss per share attributable to common stockholders—basic and diluted

 

$

(18.62

)

 

$

(71.75

)

Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Stock options

 

 

68,539

 

 

 

126,291

 

Restricted stock units

 

 

51,814

 

 

 

42,876

 

Stock warrants

 

 

1,018,871

 

 

 

172,126

 

Total

 

 

1,139,224

 

 

 

341,293