0000886744-26-000008 | 10-K | XBRL Viewer

Year Ended December 31,

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STOCKHOLDERS' EQUITY - Schedule of Restricted Stock Units (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of awards	4 years
Shares
Unvested, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	5,336,250
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(2,186,500)
Unvested, ending balance (in shares) \| shares	3,149,750
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	2.22
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	2.42
Unvested, ending balance (in dollars per share) \| $ / shares	$ 2.08

PRODUCT REVENUE - Additional Information (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Customer One
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	45.00%	43.00%
Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	32.00%	38.00%
Customer Three
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	21.00%	17.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (83,500)	$ (174,572)	$ (184,127)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	474	546	442
Accretion and amortization on investments, net	(6,921)	(9,683)	(11,150)
Amortization of debt issuance costs/debt discount	1,071	(3,108)	1,088
Non-cash interest expense on liabilities for sales of future royalties	18,948	5,345	0
Loss of extinguishment of debt	0	1,707	0
Stock-based compensation for services by non-employees	88	135	828
Stock-based compensation for employees and directors	26,659	31,185	18,526
Amortization of right-of-use assets	730	675	591
Increase in allowance for doubtful accounts	(50)	(251)	0
Changes in assets and liabilities:
Inventory	(77,922)	(37,971)	0
Accounts receivable, net	(991)	(35,695)	0
Interest and other receivables	614	(1,198)	1,490
Prepaid expenses and other assets	443	(175)	(886)
Deposit and other assets	(1,865)	618	692
Accounts payable	2,661	2,435	(4,029)
Accrued compensation and benefits	7,689	9,049	2,224
Royalty financing obligation	(14,159)	(2,186)	0
Accrued liabilities	15,790	(4,759)	7,208
Operating lease liabilities	(796)	(715)	(640)
Net cash used in operating activities	(111,037)	(218,618)	(167,743)
Cash flows from investing activities:
Purchases of property and equipment	(49)	(680)	(830)
Purchases of marketable securities	(304,421)	(476,932)	(475,594)
Proceeds from maturities and sales of marketable securities	411,717	371,608	296,102
Net cash provided by (used in) investing activities	107,247	(106,004)	(180,322)
Cash flows from financing activities:
Proceeds from issuances of common stock from equity plans	2,267	32,683	13,072
Proceeds from issuance of common stock and warrants in public offering, net of paid issuance costs	0	140,729	213,337
Proceeds from exercise of warrants	0	1,394	105,912
Proceeds from sale of future royalties	0	125,000	0
Proceeds from debt financing, net of paid debt issuance costs and debt discounts	0	121,120	29,700
Repayment of debt	0	(86,554)	0
Net cash provided by financing activities	2,267	334,372	362,021
Net effect of exchange rates on cash, cash equivalents and restricted cash	87	(12)	(27)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,436)	9,738	13,929
Cash, cash equivalents and restricted cash at the beginning of the period	80,876	71,138	57,209
Cash, cash equivalents and restricted cash at the end of the period	$ 79,440	$ 80,876	$ 71,138

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Public Offering of Common Stock and Warrants
Issuance costs	$ 9,271	$ 14,507

INCOME TAXES - Operating Loss Carryforwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ 14.7	$ 35.0
Unrecognized tax benefits, if recognized would impact effective tax rate	28.8
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	1,000.0
Net operating loss carryforwards, subject to expiration	561.7
Tax credit carryforwards	81.9
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	871.8
Tax credit carryforwards	$ 22.6

STOCKHOLDERS' EQUITY - Public Offerings (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Mar. 21, 2024	Jan. 10, 2023	Mar. 31, 2024	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Public Offering [Line Items]
Warrants outstanding (in shares)					29,293,291
2023 Pre-funded Warrant
Public Offering [Line Items]
Warrants to purchase common stock (in shares)				25,000,000
Pre-Funded Warrants
Public Offering [Line Items]
Warrants outstanding (in shares)					29,053,145	59,433,145
Warrants exercise price (in dollars per share)					$ 0.001
2023 Public Offering
Public Offering [Line Items]
Issuance of common stock in connection with public offering (in shares)		68,007,741		68,007,741
Net proceeds from public offering after deducting underwriting discount and other offering expenses		$ 213.3
2023 Public Offering \| Common Stock
Public Offering [Line Items]
Public offering price of common stock (in dollars per share)		$ 2.45
2023 Public Offering \| 2023 Pre-funded Warrant
Public Offering [Line Items]
Public offering price (in dollars per share)		$ 2.449
2024 Underwritten Public Offering
Public Offering [Line Items]
Issuance of common stock in connection with public offering (in shares)	41,999,998		41,999,998
Net proceeds from public offering after deducting underwriting discount and other offering expenses	$ 141.0
Warrants outstanding (in shares)					2,600,000
2024 Underwritten Public Offering \| Common Stock
Public Offering [Line Items]
Public offering price of common stock (in dollars per share)	$ 3.00
2024 Underwritten Public Offering \| 2024 Pre-funded Warrant
Public Offering [Line Items]
Public offering price (in dollars per share)	$ 2.99
Warrants to purchase common stock (in shares)	8,002,668		8,002,668
Warrants exercised (in shares)					5,400,000

STOCKHOLDERS' EQUITY - Schedule of Aggregate Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	75,967
Stock options granted (in shares) \| shares	35,540
Stock options exercised (in shares) \| shares	(1,275)
Stock options cancelled/forfeited/expired (in shares) \| shares	(27,862)
Ending balance (in shares) \| shares	82,370
Stock options exercisable at the end of the period (in shares) \| shares	45,954
Stock options fully vested and expected to vest at the end of the period (in shares) \| shares	78,935
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 2.39
Stock options granted (in dollars per share) \| $ / shares	1.74
Stock options exercised (in dollars per share) \| $ / shares	1.19
Stock options cancelled/forfeited/expired (in dollars per share) \| $ / shares	2.62
Ending balance (in dollars per share) \| $ / shares	2.06
Stock options exercisable at the end of the period (in dollars per share) \| $ / shares	2.18
Stock options fully vested and expected to vest at the end of the period (in dollars per share) \| $ / shares	$ 2.07
Weight Average Remaining Contractual Life (in years)
Ending balance	5 years 10 months 9 days
Stock options exercisable at the end of the period	3 years 6 months 14 days
Stock options fully vested and expected to vest at the end of the period	5 years 8 months 19 days
Aggregate Intrinsic Value
Ending balance \| $	$ 2,613
Stock options exercisable at the end of the period \| $	1,788
Stock options fully vested and expected to vest at the end of the period \| $	$ 2,525

RESTRUCTURING - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and related cost, number of positions eliminated, period percent	33.33%
Restructuring and related cost, incurred cost	$ 17,000,000.0
Restructuring charges		$ 17,032,000	$ 0	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

STOCKHOLDERS' EQUITY - Pricing Model Assumptions (Details) - Employee stock purchase plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility range, minimum	69.00%	72.00%	79.00%
Expected volatility range, maximum	89.00%	119.00%	83.00%
Risk-free interest rate range, minimum	4.00%	4.80%	4.73%
Risk-free interest rate range, maximum	4.30%	5.40%	5.40%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term range	6 months	6 months	6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term range	12 months	12 months	12 months

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 8,927	$ 4,904
Work-in-process	91,969	30,093
Finished goods	15,740	3,717
Inventory	$ 116,636	$ 38,714

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The following table presents information about our financial instruments that are measured at fair value on

a recurring basis as of December 31, 2025 and 2024 and indicates the fair value category assigned.


	Fair Value Measurements at Reporting Date Using
(In thousands)	Level 1	Level 2	Level 3	Total
As of December 31, 2025:
Assets:
Money market funds(1)(2)	$50,557	$—	$—	$50,557
Certificate of deposit(2)	274	—	—	274
Municipal securities(3)	—	10,041	—	10,041
U.S. Treasury securities(3)(4)	—	22,951	—	22,951
Commercial paper(3)	—	84,382	—	84,382
Corporate notes(3)(4)	—	209,253	—	209,253
Total	$50,831	$326,627	$—	$377,458
Liabilities:
Sale of future royalties(5)(6)	—	—	$129,582	129,582
Total	$—	$—	$129,582	$129,582
As of December 31, 2024:
Assets:
Money market funds(1)(2)	$46,802	$—	$—	$46,802
Certificate of deposit(2)	273	—	—	273
U.S. Treasury securities(3)(4)	—	30,570	—	30,570
Government-sponsored enterprise securities(3)(4)	—	8,748	—	8,748
Commercial paper(3)	—	185,201	—	185,201
Corporate notes(3)(4)	—	202,527	—	202,527
Total	$47,075	$427,046	$—	$474,121
Liabilities:
Sale of future royalties(5)(6)	—	—	124,793	124,793
Total	$—	$—	$124,793	$124,793

(1)Included in cash and cash equivalents on our consolidated balance sheets.

(2)Included in restricted cash on our consolidated balance sheets.

(3)Included in current portion of marketable securities on our consolidated balance sheets.

(4)Included in noncurrent portion of marketable securities on our consolidated balance sheets.

(5)Included in current portion of liabilities related to sale of future royalties on our consolidated balance

sheets.

(6)Included in noncurrent portion of liabilities related to sale of future royalties on our consolidated balance

sheets.

Money market funds and certificates of deposit are categorized as Level 1 within the fair value hierarchy as

their fair values are based on quoted prices available in active markets. Commercial paper, U.S. Treasury securities,

municipal securities, government-sponsored enterprise securities and corporate notes are categorized as Level 2 within the

fair value hierarchy as their fair values are estimated by using pricing models, quoted prices of securities with similar

characteristics or discounted cash flows.

There were no transfers between Level 1, Level 2, and Level 3 during the periods presented. There have

been no impairments of our assets measured and carried at fair value as of December 31, 2025 and 2024. In addition, there

have been no changes to our valuation techniques as of December 31, 2025 and 2024.

The embedded derivatives are classified within Level 3 of the fair value hierarchy. See Note 10 on Debt.

We determined the fair value of the liability related to the sale of future royalties based on our current

estimates of future royalties expected to be paid to Royalty Pharma over the life of the arrangement, which are considered

Level 3. See Note 10 on Debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RESTRUCTURING

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING

In December 2025, the board of directors approved a workforce reduction representing approximately one-third of

our workforce prior to the reduction in headcount. We incurred approximately $17.0 million in restructuring and

restructuring-related charges, primarily consisting of one-time employee severance payments, healthcare and related

benefits, and other employee-related costs. The charges were recorded within restructuring charges line item within the

consolidated statements of operations. We estimate the workforce reduction will be substantially completed in the first

quarter of 2026. There were no restructuring charges in 2024 or 2023.


(In millions)		Restructuring
Accrued balance as of December 31, 2024		$—
Expenses		17.0
Payments		—
Foreign currency and other adjustments		—
Accrued balance as of December 31, 2025		$17.0

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The terms “Geron”, the “Company”, “we” and “us” as used in this report refer to Geron Corporation, which

was incorporated in the State of Delaware on November 28, 1990, and its wholly-owned subsidiaries, Geron UK Limited,

or Geron UK, a United Kingdom company, and Geron Netherlands B.V., or Geron Netherlands, a Netherlands company.

Geron UK was incorporated in September 2021, and its operations commenced in January 2022. Geron Netherlands was

incorporated in February 2023, and its operations commenced in June 2023. The Company's first-in-class telomerase

inhibitor, RYTELOTM (imetelstat), was approved by the U.S. Food and Drug Administration, or FDA, on June 6, 2024 for

the treatment of certain adult patients with low- to intermediate-1 risk myelodysplastic syndromes, or lower-risk MDS, and

is under development for the treatment of other hematologic malignancies. In March 2025, we received European

Commission approval of RYTELO for the treatment of adults with transfusion-dependent, or TD, anemia due to lower-risk

MDS. We are pursuing paths to make RYTELO available to eligible lower-risk MDS patients outside of the U.S. To enable

paid access to patients outside the U.S. through approved Named Patient Programs (NPPs), in 2025 we partnered with

Tanner Pharma, a distributor with broad global reach to support patient access.

Principles of Consolidation

The consolidated financial statements include the accounts Geron Corporation and its wholly-owned

subsidiaries, Geron UK and Geron Netherlands. We have eliminated intercompany accounts and transactions. We prepare

the financial statements of Geron UK and Geron Netherlands using the local currency as the functional currency. We

translate the assets and liabilities of Geron UK and Geron Netherlands at rates of exchange at the balance sheet date and

translate income and expense items at average monthly rates of exchange. Foreign currency translation adjustments are

included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, on our

consolidated balance sheets.

Use of Estimates

The accompanying consolidated financial statements have been prepared in accordance with generally

accepted accounting principles in the United States, or U.S. GAAP. The preparation of financial statements in conformity

with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities

and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of

revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related

to accrued liabilities, revenue recognition, fair value of marketable securities, inventory valuation, operating leases, right-

of-use assets, lease liabilities, income taxes, stock-based compensation, and interest expense related to sale of future

royalties. We base our estimates on historical experience and on various other market specific and relevant assumptions

that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Revenue Recognition

Revenues are recognized when control of the promised goods or services is transferred to our customers, in

an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We recognize

revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with

Customers, or Topic 606. In determining the appropriate amount and timing of revenue to be recognized, we perform the

following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract;

(iii) measure the transaction price; (iv) allocate the transaction price to the performance obligations; and (v) recognize

revenue when (or as) we satisfy each performance obligation. We recognize shipping and handling costs as an expense in

cost of goods sold when we transfer control to a customer.

Product Revenue

We distribute RYTELO through third party distributors and specialty pharmacies who are our customers.

The third party distributors subsequently resell our product through their related specialty pharmacy providers to patients

and health care providers. Separately, we have or may enter into payment arrangements with various third-party payors

including pharmacy benefit managers, private healthcare insurers and government healthcare programs who provide

coverage and reimbursement for our product that have been prescribed to a patient.

Product sales revenue is recognized when control has transferred to the customer, which occurs at a point in

time, which is typically on delivery to the customer or, in the case of products that are subject to consignment agreements,

when the customer removes product from our consigned inventory location for shipment directly to a patient. We expense

incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we

would have recognized is one year or less or the amount is immaterial.

Reserves for Discounts and Allowances

Product revenue is recorded net of reserves established for applicable discounts and allowances that are

offered within contracts with our customers, health care providers or payors.

These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are

classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is

payable to a party other than our customer). Our estimates of reserves established for variable consideration are calculated

based upon a consistent application of our methodology utilizing the expected value method. These estimates reflect our

historical experience, current contractual and statutory requirements, specific known market events and trends, industry

data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration

reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to

the extent that it is probable that a significant reversal of the amount of the cumulative revenue recognized will not occur in

a future period. Actual amounts may ultimately differ from our estimates. If actual results vary, we adjust these estimates,

which could have an effect on earnings in the period of adjustment.

Product revenue reserves, which are classified as a reduction in product revenue, are generally

characterized in the following categories: contractual adjustments, discounts, and returns.

Contractual adjustments primarily relate to VA and PHS discounts, Medicaid and Medicare rebates, fees

for distribution services, co-payment (copay) assistance, and other governmental rebates or applicable allowances:

•Chargebacks, including VA and PHS discounts, represent our estimated obligations resulting from contractual

commitments to sell products to qualified healthcare providers at prices lower than the list prices we charge to

wholesalers or distributors, which provide those products. The wholesalers or distributors charge us for the

difference between what they pay for RYTELO and the ultimate selling price to the qualified healthcare providers.

Rebate and chargeback reserves are established in the same period as the related revenue is recognized, resulting

in a reduction of product revenue and a reduction in the net accounts receivable. Chargeback amounts are

generally determined at the time of resale to the qualified healthcare provider from the wholesaler or distributor,

and we generally issue credits for such amounts within a few weeks of the wholesaler notifying us about the

resale. Our reserves for VA, PHS and other chargebacks consist of amounts for inventory that exists at the

wholesalers that we expect will be sold to qualified healthcare providers and chargebacks that wholesalers have

claimed for which we have not issued a credit.

•Medicaid rebates relate to our estimated obligations to states under established reimbursement arrangements.

Rebate accruals are recorded in the same period the related revenue is recognized, resulting in a reduction of

product revenue and the establishment of a liability which is included in accrued expense and other current

liabilities in our consolidated balance sheets. Our liability for Medicaid rebates consists of estimates for claims

that a state will make for the current quarter, claims for prior quarters that have been estimated for which an

invoice has not been received, invoices received for claims from the prior quarters that have not been paid and an

estimate of potential claims that will be made for inventory that exists in the distribution channel at period end.

•Fees for distribution services include fees for certain data that customers provide to us. We estimate our customers

will earn these fees and deduct these fees from gross product revenue and accounts receivable at the time we

recognize the related revenues.

•Copay assistance represents financial assistance to qualified patients, assisting them with prescription drug co-

payments required by insurance. The calculation of the accrual for copay is based on an estimate of claims and the

cost per claim that we expect to receive associated with inventory that exists in the distribution channel at period

end.

Discounts primarily include prompt pay discounts. Prompt pay discounts relate to estimated obligations for

credits to be granted to customers for remitting payment on their purchases within established incentive periods. We

determine these reserves based on our historical experience, including the timing of customer payments.

Product return reserves are established for returns made by customers and are recorded in the period the

related revenue is recognized, resulting in a reduction to product revenue. We offer customers the right to return products if

they are damaged, defective, or expired, as defined in customer agreements.The majority of wholesaler returns are due to

product expiration. We estimate product returns considering experience from similar products in the market, historical

return patterns, sales data, and inventory levels in the distribution channel.

Fair Value Measurements

We categorize financial instruments recorded at fair value in our consolidated balance sheets based upon

the level of judgment associated with inputs used to measure their fair value. The categories are as follows:


Level 1	—	Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date that we have the ability to access. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2	—	Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3	—	Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of

input that is significant to the fair value measurement. Below is a description of the valuation methodologies used for

financial instruments measured at fair value on our consolidated balance sheets, including the category for such financial

instruments.

The majority of our financial assets have been classified as Level 2, and have been initially valued at the

transaction price and subsequently valued, at the end of each reporting period, utilizing third-party pricing services. The

pricing services utilize industry standard valuation models, including both income and market-based approaches and

observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields,

credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.

We validate the prices provided by our third-party pricing services by understanding the models used,

obtaining market values from other pricing sources and analyzing pricing data in certain instances. After completing our

validation procedures, we did not adjust or override any fair value measurements provided by our pricing services as of

December 31, 2025 and 2024.

The carrying amounts reflected in our consolidated balance sheets for accounts receivable, other current

assets, accounts payable, accrued compensation and benefits and accrued expense approximate fair value due to their short-

term maturities.

Cash Equivalents

We consider all highly liquid investments, readily convertible to cash and that mature within three months

or less from date of purchase to be cash equivalents. As of December 31, 2025 and 2024, cash equivalents were comprised

of money market funds and commercial paper with maturities less than three months from the date of purchase.

Marketable Securities

Our marketable debt securities include U.S. Treasury securities, municipal securities, government-

sponsored enterprise securities, commercial paper and corporate notes.

We classify our marketable debt securities as available for sale. We record available for sale debt securities

at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) in stockholders’

equity, unless the security has experienced a credit loss, we have determined that we have the intent to sell the security or

we have determined that it is more likely than not that we will have to sell the security before its expected recovery. We

have not recorded any allowances for credit losses on our available-for-sale securities for the years ended December 31,

2025, 2024 or 2023. Realized gains and losses are reported in other (income) expense, net on a specific identification basis.

Dividend and interest income are recognized when earned and included in interest income on our consolidated statements

of operations

Restricted Cash

Restricted cash consists of funds maintained in separate money market or certificate of deposit accounts for

credit card purchases.

Accounts Receivable

Accounts receivable consists of amounts due from customers, net of customer allowances for cash

discounts, product returns, and chargebacks. Accounts receivable are stated net of an allowance that reflects our current

estimate of credit losses expected to occur over the life of the receivable. In developing our allowance for expected credit

losses, we use assumptions to capture the risk of loss, even if remote, based on a number of factors including existing

contractual payment terms, individual customer circumstances, historical payment patterns of our customers, a review of

the local economic environment and its potential impact on expected future customer payment patterns. We update our

allowance as necessary to reflect expected credit losses over the remaining lives of the accounts receivable for outstanding

trade receivables that are past due, have known disputes or have experienced any negative credit events that may result in

future collectability issues. The estimated allowance for expected credit losses was not material as of December 31, 2025,

nor were the changes to the allowance during any of the periods presented. We do not adjust our receivables for the effects

of a significant financing component at contract inception if we expect to collect the receivables in one year or less from

the time of sale.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk include cash and cash

equivalents, restricted cash, marketable securities, and accounts receivable.

We currently place our cash, restricted cash, cash equivalents and marketable securities with multiple

institutions in the U.S. Deposits with banks may exceed the amount of insurance provided on such deposits. We have not

experienced any losses in such accounts and we believe that we are not exposed to significant credit risk of our financial

position at the depository institutions, in which those deposits are held.

We attempt to minimize the risks related to cash equivalents and marketable securities by investing in a

broad and diverse range of financial instruments as previously defined by us. We have established guidelines related to

credit ratings and maturities intended to safeguard principal balances and maintain liquidity. Our investment portfolio is

maintained in accordance with our investment policy, which defines allowable investments, specifies credit quality

standards and limits the credit exposure of any single issuer. Cash equivalents and marketable securities currently consist of

money market funds, U.S. Treasury securities, municipal securities, commercial paper and corporate notes.

Concentrations of credit risk with respect to receivables, which are typically unsecured, are somewhat

mitigated since the payment terms on our trade receivables are relatively short. As a result, our collection risk is mitigated

to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce

exposure on defaults if collection issues are identified. We monitor the financial performance and creditworthiness of our

customers so that we can properly assess and respond to changes in their credit profile. We continue to monitor these

conditions and assess their possible impact on our business.

Property and Equipment

Property and equipment are carried at cost, subject to reviews for impairment whenever events or changes

in circumstances indicate that the carrying amount of the asset may not be recoverable. The cost of normal, recurring or

periodic repairs and maintenance activities related to property, plant and equipment are expensed as incurred.

We generally depreciate or amortize the cost of our property and equipment using the straight-line method

over the estimated useful lives of the respective assets, generally four years. Leasehold improvements are amortized over

the shorter of the estimated useful life or remaining term of the lease.

Inventory

We began capitalizing inventory related to RYTELO in the quarter ended June 30, 2024, as we received

approval of RYTELO on June 6, 2024, and the related costs were expected to be recoverable through the

commercialization of RYTELO.

Inventory is recorded at the lower of cost or net realizable value, with cost determined under the weighted

average method. Inventory costs include third-party contract manufacturing, third-party packaging services, freight,

salaries, wages and stock-based compensation for personnel involved in the manufacturing process, and indirect overhead

costs. We periodically review our inventories to identify excess, obsolete, or slow moving items. If excess, obsolete, or

slow moving inventory without an alternate use is identified, we adjust the recorded amount to its net realizable value. The

determination of net realizable value requires judgment including consideration of many factors, such as estimates of future

product demand, product net selling prices, current and future market conditions and potential product obsolescence,

among others. Additionally, our products are subject to strict quality control and monitoring that we perform throughout

the manufacturing process. In the event that certain batches or units of product no longer meet quality specifications, we

will record a charge to cost of sales to write-down any unmarketable inventory to its estimated net realizable value. In all

cases, product inventory is carried at the lower of cost or its estimated net realizable value. Amounts written-down due to

unmarketable inventory are charged to cost of sales in our consolidated statements of operations.

Prior to regulatory approval, we expense costs associated with the manufacture of a product candidate to

research and development expense unless we are reasonably certain such costs have future commercial use and net

realizable value. Since we consider attaining regulatory approval of a product candidate to be highly uncertain and difficult

to predict, we expect only in rare instances that pre-launch inventory will be capitalized, if at all.

Assets that are expected to be realized in cash or consumed during the normal operating cycle are classified

as current. Due to the nature of pharmaceutical manufacturing, including production lead times, stability testing

requirements, quality control procedures, and regulatory release processes, our operating cycle may exceed twelve months.

Inventory is held for sale or use within this normal operating cycle and is not held for long-term strategic purposes. We

classify all inventory as a current asset on the consolidated balance sheets.

Cost of Goods Sold

Cost of goods sold includes the cost of producing and distributing inventories that are related to product

revenue during the respective period, including salary related and stock-based compensation expense for employees

involved with production and distribution, freight, and indirect overhead costs. Cost of goods sold may also include costs

related to excess or obsolete inventory adjustment, abnormal costs, unabsorbed manufacturing and overhead costs, and

manufacturing variances. For the twelve months ended December 31, 2025 and 2024, cost of sales related to product

revenue was positively impacted since the weighted average cost of inventories sold included batches that were partially

expensed prior to FDA approval.

Research and Development Expenses

Research and development expenses consist of expenses incurred in developing and testing imetelstat and

research related to potential next generation telomerase inhibitors. These expenses include, but are not limited to, payroll

and personnel expense, lab supplies, non-clinical studies, clinical trials, including support for investigator-led clinical trials,

raw materials to manufacture clinical trial drugs, manufacturing costs for research and clinical trial materials, sponsored

research at other labs, consulting, costs to maintain technology licenses and research-related overhead. Research and

development expense is expensed as incurred. Payments we make for research and development services prior to the

services being rendered are recorded as prepaid assets in our consolidated balance sheets and are expensed as the services

are provided.

Our current RYTELO (imetelstat) clinical trials are being supported by contract research organizations, or

CROs, and other vendors. We accrue expenses for clinical trial activities performed and managed by CROs based upon the

amount of work completed on each trial. Expenses are recorded based on contracted amounts agreed to with our CROs and

through monthly reporting provided by CROs. We monitor activities conducted and managed by the CROs to the extent

possible through internal reviews, review of contractual terms and correspondence with CROs. We record expense on the

best information available at the time. However, additional information may become available to us which may require us

to record adjustments to research and development expenses in future periods.

Selling, General and Administrative Expense

Selling, general and administrative expense is primarily comprised of compensation and benefits associated

with sales and marketing, finance, human resources, legal, information technology and other administrative personnel,

outside marketing, advertising and legal expense and other general and administrative costs.

Restructuring Charges

Restructuring charges consist of termination benefits such as one-time employee severance payments,

healthcare and related benefits, and other employee-related costs. We accrue severance and other related restructuring costs

when it is probable that they will be paid and the amount is reasonably estimable. Restructuring costs are recorded in

restructuring charges in the consolidated statements of operations. The related restructuring liability is included in accrued

compensation and benefits in the consolidated balance sheet.

Stock-Based Compensation

Stock‑Based Compensation

We maintain various stock incentive plans under which stock options, restricted stock units and restricted

stock awards can be granted to employees, non-employee directors and consultants. We also have an employee stock

purchase plan for all eligible employees.

For service based options, restricted stock award and restricted stock units, compensation expense is

recognized based on the estimated fair value of the awards at grant date. We recognize compensation expense on a straight-

line basis, after taking into consideration an estimate of forfeitures, over the requisite service period, which is generally the

vesting period.

For performance-based stock options with vesting based on the achievement of certain strategic milestones,

stock-based compensation expense is recognized over the period from the date the performance condition is determined to

be probable of occurring through the date the applicable condition is expected to be met and is reduced for estimated

forfeitures, as applicable. If the performance condition is not considered probable of being achieved, no stock-based

compensation expense is recognized until such time as the performance condition is considered probable of being met, if at

all. If the assessment of probability of the performance condition changes, the impact of the change in estimate would be

recognized in the period of the change.

The grant-date fair value for service-based restricted stock units or restricted stock awards is determined

using the fair value of our common stock on the date of grant. The determination of grant-date fair values for our service-

based and performance-based stock options and employee stock purchases using the Black-Scholes option pricing model is

affected by our stock price as well as assumptions regarding a number of complex and subjective variables.

Dividend yield is based on historical cash dividend payments and we have paid no cash dividends to date.

The expected volatility range is based on historical volatilities of our stock, since traded options on our common stock do

not correspond to option terms and the trading volume of options is limited. The risk‑free interest rate range is based on the

U.S. Zero Coupon Treasury Strip Yields for the expected term in effect on the date of grant for an award. The expected

term of stock options is derived from actual historical exercise and post‑vesting cancellation data and represents the period

of time that stock options granted are expected to be outstanding. The expected term of employees’ purchase rights is equal

to the purchase period.

We grant stock options to consultants from time to time in exchange for services performed for us. In

general, these stock options vest over the contractual period of the consulting arrangement. The fair value of stock options

held by consultants is recorded as operating expenses over the vesting term of the respective equity awards. With the

adoption of Accounting Standards Update 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, the

measurement date of stock options granted to consultants was fixed at the grant date.

Net Loss Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average

number of shares of common stock outstanding for the periods presented without consideration of potential common

shares. In connection with previous public offerings, we issued pre-funded warrants to purchase shares of our common

stock.

Diluted net income per share would be calculated by adjusting the weighted-average number of shares of

common stock outstanding for the dilutive effect of additional shares of common stock that would have been outstanding if

potentially dilutive securities had been issued, as determined using the treasury-stock method. Potential dilutive securities

consist of outstanding stock options and warrants to purchase our common stock. Diluted net loss per share excludes

potential dilutive securities for all periods presented as their effect would be anti-dilutive. Accordingly, basic and diluted

net loss per share is the same for all periods presented in the accompanying consolidated statements of operations.

Leases

At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on

the unique facts and circumstances present. Operating leases are included in operating leases, right-of-use assets and lease

liabilities on our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease

term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease liabilities

and their corresponding right-of-use assets are recorded based on the present value of remaining lease payments over the

expected lease term. The present value of remaining lease payments within the 12 months following the balance sheet date

are classified as current lease liabilities. The present value of lease payments not within the 12 months following the

balance sheet date are classified as noncurrent lease liabilities. The interest rate implicit in lease contracts is typically not

readily determinable. As such, to calculate the net present value of lease payments, we apply our incremental borrowing

rate, which is the estimated rate to borrow on a collateralized basis over a similar term an amount equal to the lease

payments in a similar economic environment as of the lease commencement date. We may adjust the right-of-use assets for

certain adjustments, such as initial direct costs paid or incentives received. In addition, we include any options to extend or

terminate the lease in the expected lease term when it is reasonably certain that we will exercise any such option. Lease

expense is recognized on a straight-line basis over the expected lease term.

For lease agreements that include lease and non-lease components, such components are generally

accounted for separately. We have also elected not to recognize on our consolidated balance sheets leases with terms of one

year or less.

Royalty Pharma Agreement Interest Expense

The liability related to the Royalty Pharma Agreement and the related interest expense are measured based

on our current estimate of the timing and amount of expected future Royalty Payments expected to be paid over the

estimated term of the Royalty Pharma Agreement using a discounted cash flow model. The liability is amortized using the

effective interest rate method, resulting in recognition of non-cash interest expense over the estimated term of the

agreement. Each reporting period, we assess the estimated timing and amount of future expected Royalty Payments over

the estimated term. If there are changes to the estimate, we recognize the impact to the liability’s amortization schedule and

the related non-cash interest expense prospectively. Additionally, the transaction costs associated with the liability are

amortized to non-cash interest expense over the estimated term of the Royalty Pharma Agreement.

Income Taxes

We maintain deferred tax assets and liabilities that reflect the net tax effects of temporary differences

between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax

purposes and are subject to tests of recoverability. Our deferred tax assets include net operating loss carryforwards, federal

and state tax credits and capitalized research and development. Deferred tax assets and liabilities are measured using

enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be

recovered or settled. Our net deferred tax asset has been fully offset by a valuation allowance because of our history of

losses. Any potential accrued interest and penalties related to unrecognized tax benefits would be recorded as income tax

expense.

Segment Information

Our chief executive officer represents our chief operating decision maker. We view our operations as a

single segment, the development of therapeutic products for oncology. As a result, the financial information disclosed

herein materially represents all of the financial information related to our principal operating segment. For additional

information, see Note 15 on Segment Reporting.

Recent Accounting Pronouncements

New Accounting Pronouncements – Issued But Not Yet Adopted

In November 2024, the Financial Standards Accounting Board (FASB) issued Accounting Standards

Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures

(Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor

requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial

statements for certain categories of expenses that are included on the face of the income statement. This guidance is

effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after

December 15, 2027, with early adoption permitted. We are evaluating the impact of this ASU on our consolidated financial

statements.

New Accounting Pronouncements – Issued and Adopted

In December 2024, the FASB issued ASU 2023-09, Income Taxes (ASU 2023-09), which requires issuers

to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide

additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional

information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company

as of January 1, 2025 for annual periods. We adopted this standard and applied the disclosure requirements on a

prospective basis effective for the year ended December 31, 2025. The adoption did not have a material impact on our

consolidated financial position or results of operations. Refer to Note 13, Income Taxes, for our updated income tax

disclosure.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires

issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and

interim basis for significant segment expenses and other segment items. The improved disclosure requirements apply to all

public entities that are required to report segment information, including those with only one reportable segment. ASU

2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 is effective for

the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. We adopted the

guidance in the annual period ended December 31, 2024. There was no impact on our reportable segments identified and

additional required disclosures have been included in Note 15. We view our operations as a single segment. See Note 15 on

Segment Reporting.

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to

have a material impact on our financial statements.

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Summary of Charges and Spending Related to Restructuring


(In millions)		Restructuring
Accrued balance as of December 31, 2024		$—
Expenses		17.0
Payments		—
Foreign currency and other adjustments		—
Accrued balance as of December 31, 2025		$17.0

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is recorded at historical cost, net of accumulated depreciation and is comprised of

the following:


	December 31,
(In thousands)	2025	2024
Furniture and computer equipment	$2,959	$2,878
Leasehold improvements	129	129
	3,088	3,007
Less accumulated depreciation and amortization	(2,204)	(1,697)
	$884	$1,310

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were as follows:


	Year Ended December 31,
(In thousands)	2025	2024	2023
Domestic	(82,358)	(174,737)	(181,884)
Foreign	(1,067)	215	150
Total	(83,425)	(174,522)	(181,734)

Schedule of Provision for (Benefit from) Income Taxes

Provision for (benefit from) income taxes was as follows:

Reconciliation of the Federal Statutory Tax Rate to the Effective Income Tax Rate from Continuing Operations

The following table reconciles the federal statutory tax rate to the effective income tax rate from continuing

operations:


	Year Ended December 31,
	2025		2024		2023
	Amount		Amount		Amount
	(In thousands)	Percentage	(In thousands)	Percentage	(In thousands)	Percentage
Tax at statutory rate	(17,535)	21.0%	(36,660)	21.0%	(38,667)	21.0%
State income tax, net of federal benefit	—	—	398	(0.2)	—	—
Federal and state tax credits	(2,233)	2.7	(4,128)	2.4	(7,591)	4.1
Stock-based compensation	2,588	(3.1)	(224)	0.1	564	(0.3)
Stock Based compensation - 162(m)	1,578	(1.9)	3,014	(1.7)	1,750	(0.9)
Net operating loss not benefitted	7,717	(9.2)	862	(0.5)	10,451	(5.7)
Foreign rate difference	315	(0.4)	16	—	(9)	—
Change in unrecognized tax benefit	(3)	—	(615)	0.4	13	—
Other	312	(0.4)	180	(0.1)	52	—
Change in valuation allowance	7,336	(8.8)	37,606	(21.7)	33,459	(18.2)
Effective tax rate	75	(0.1)%	449	(0.3)%	22	0.0%

Schedule of Significant Components of Deferred Tax Assets

Significant

components of our deferred tax assets are as follows:


	December 31,
(In thousands)	2025	2024

Net operating loss carryforwards	$278,382	$272,970
Federal and state tax credits	72,360	70,492
Capitalized research and development	34,747	39,503
Stock-based compensation	11,063	8,353
Revenue Participation	32,758	29,547
Operating lease liabilities	618	767
Other	15,266	8,963
Total deferred tax assets	445,194	430,595
Less: valuation allowance	(444,650)	(429,913)
Net deferred tax assets	544	682

Operating leases, right-of-use assets	(544)	(682)
Total deferred tax liabilities	(544)	(682)
Total net deferred tax assets	$—	$—

Schedule of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in

thousands):


Balance as of December 31, 2024		$28,310
Decrease related to prior year tax positions		(583)
Increase related to current year tax positions		1,094
Balance as of December 31, 2025		$28,821

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Costs

The components of lease costs included in selling, general and administrative expenses on our consolidated

statements of operations for the New Jersey Lease, and the Foster City Lease were as follows:


	Year Ended December 31,
(In thousands)	2025	2024	2023
Operating lease costs	$1,014	$987	$962
Variable lease costs	285	261	344
Total lease costs	$1,299	$1,248	$1,306

Schedule of Undiscounted Future Non-cancellable Lease Payments

The undiscounted future non-cancellable lease payments under the New Jersey Lease and the Foster City

Lease as of December 31, 2025 were as follows (in thousands):


2026	$1,040
2027	716
2028	376
2029	383
2030	293
Thereafter	—
Total lease payments	2,808
Less: imputed interest	(363)
Total	$2,445

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	December 31,
(In thousands)	2025	2024
CRO and clinical trial costs	$3,677	$18,968
Manufacturing activities	38,657	11,839
Professional legal and accounting fees	881	475
Interest payable	3,110	2,186
Accrued revenue adjustments	3,486	1,038
Other	1,529	1,043
	$51,340	$35,549

Schedule of Accrued Compensation And Benefits

Accrued compensation and benefits consisted of the following:


	December 31,
(In thousands)	2025	2024
Accrued bonuses	$10,335	$18,056
Accrued vacation	2,581	2,928
Accrued 401K match	17	1,685
Accrued restructuring charges	17,032	—
Accrued other	532	139
	$30,497	$22,808

NET LOSS PER COMMON SHARE (Details) - $ / shares			1 Months Ended		12 Months Ended
NET LOSS PER COMMON SHARE (Details) - $ / shares	Mar. 21, 2024	Jan. 10, 2023	Mar. 31, 2024	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 01, 2022	May 27, 2020
Employee stock purchase plan
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Potential dilutive securities excluded from diluted earnings (loss) per share calculation (in shares)					86,350,703	77,369,889	75,458,854
2024 Underwritten Public Offering
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Issuance of common stock in connection with public offering (in shares)	41,999,998		41,999,998
2023 Underwritten Public Offering
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Issuance of common stock in connection with public offering (in shares)		68,007,741		68,007,741
2024 Pre-funded Warrant \| 2024 Underwritten Public Offering
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants to purchase common stock (in shares)	8,002,668		8,002,668
2023 Pre-funded Warrant
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants to purchase common stock (in shares)				25,000,000
Pre-Funded Warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants exercise price (in dollars per share)					$ 0.001
Pre-Funded Warrants \| Public Offering of Common Stock and Warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants to purchase common stock (in shares)								18,095,238	8,335,239
Warrants exercise price (in dollars per share)								$ 0.001	$ 0.001

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES