Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 83,602 $ 7,350
Accounts receivable 358 0
German research and development tax credit receivable 1,978 0
Prepaid expenses and other current assets 2,296 198
Total current assets 88,234 7,548
Total assets 88,234 7,548
Current liabilities:    
Accounts payable 4,586 936
Derivative liabilities - contingent value right liability 1,978 0
Accrued expenses and other current liabilities 5,474 1,424
Total current liabilities 12,038 2,360
Royalty agreement liability 11,942 8,054
Derivative liabilities - royalty agreement 1,647 1,014
Total liabilities 25,627 11,428
Commitments and contingencies (Note 12)
Convertible preferred stock, $0.00001 par value; 0 and 20,655,895 shares authorized; 0 and 15,360,787 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation value of $0 and $65,377 at December 31, 2024 and 2023 0 70,603
Stockholders' deficit    
Preferred stock, $0.001; 10,000,000 shares authorized; 15,617 and 0 shares issued and outstanding at December 31, 2024 and 2023 0 0
Common stock, $0.001; 200,000,000 shares authorized; 11,012,105 shares issued and outstanding at December 31, 2024. $0.00001 par value; 8,974,608 (7,891,466 voting and 1,083,142 non-voting) shares authorized; 1,770,167 (1,562,820 voting and 207,347 non-voting) shares issued and outstanding at December 31, 2023 11 0
Additional paid-in capital 156,328 1,818
Accumulated other comprehensive income 3 0
Accumulated deficit (93,735) (76,301)
Total stockholders' equity (deficit) 62,607 (74,483)
Total liabilities, convertible preferred stock and stockholders' equity (deficit) $ 88,234 $ 7,548