Gossamer Bio 提交了截至 2026 年 3 月 31 日止季度的 10-Q 報告

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 10-Q
_________________________

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to_________.
Commission File Number: 001-38796
_________________________
GOSSAMER BIO, INC.
(Exact name of Registrant as specified in its charter).
_________________________

Delaware47-5461709
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

3115 Merryfield Row, Suite 120San DiegoCalifornia92121
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (858) 684-1300
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading
Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareGOSSNasdaq Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes    ☒       No     ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes      ☒     No      ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer ☒
Smaller reporting company☒

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
1

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES ☐  NO ☒
As of May 12, 2026, the registrant had 234,696,281 shares of common stock ($0.0001 par value) outstanding.

2

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TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1
Condensed Consolidated Financial Statements (unaudited)
4

Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025
4

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended March 31, 2026 and 2025 (unaudited)
5

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three Months ended March 31, 2026 and 2025 (unaudited)
6

Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2026 and 2025 (unaudited)
7

Notes to Unaudited Condensed Consolidated Financial Statements
8

Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3
Quantitative and Qualitative Disclosures About Market Risk
35

Item 4
Controls and Procedures
35

PART II. OTHER INFORMATION

Item 1
Legal Proceedings
36

Item 1A
Risk Factors
36

Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
36

Item 3
Defaults Upon Senior Securities
36

Item 4
Mine Safety Disclosures
36

Item 5
Other Information
36

Item 6
Exhibits
36

Exhibit Index
37

Signatures
38

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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

GOSSAMER BIO, INC.
Condensed Consolidated Balance Sheets
(in thousands, except share and par value amounts)

March 31, 2026December 31, 2025
ASSETS(unaudited)
Current assets
Cash and cash equivalents$41,028 $37,732 
Marketable securities58,187 99,200 

Receivable from contracts with collaborators9,252 12,227 
Prepaid expenses and other current assets16,069 18,485 
Total current assets124,536 167,644 
Property and equipment, net59 64 
Operating lease right-of-use assets3,906 4,133 
Other assets398 408 
Total assets$128,899 $172,249 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable$10,822 $5,959 
Accrued research and development expenses17,395 21,662 

Current contract liabilities8,741 19,987 
Accrued expenses and other current liabilities19,548 15,827 
Total current liabilities56,506 63,435 
Long-term convertible senior notes198,763 198,508 

Operating lease liabilities - long-term3,213 3,460 
Long-term contract liabilities31,900 29,606 

Total liabilities290,382 295,009 
Commitments and contingencies (Note 9)

Stockholders' equity (deficit)
Common stock, $0.0001 par value; 700,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 234,696,282 shares issued and outstanding as of March 31, 2026, and 233,677,057 shares issued and outstanding as of December 31, 2025
24 24 
Additional paid-in capital1,328,119 1,321,303 
Accumulated deficit(1,485,602)(1,438,938)
Accumulated other comprehensive loss(4,024)(5,149)
Total stockholders' deficit(161,483)(122,760)
Total liabilities and stockholders' equity (deficit)$128,899 $172,249 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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GOSSAMER BIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)

Three months ended March 31,
20262025
Revenue:

Revenue from contracts with collaborators$16,955 $9,889 
Total revenue16,955 9,889 
Operating expenses:
Research and development43,075 38,041 

General and administrative18,746 8,658 
Total operating expenses61,821 46,699 
Loss from operations(44,866)(36,810)
Other income (expense)
Interest income354 294 
Interest expense(2,755)(2,746)
Other income, net603 2,624 
Total other income (loss), net(1,798)172 

Net loss$(46,664)$(36,638)
Other comprehensive income (loss):
Foreign currency translation1,192 (1,903)
Unrealized loss on marketable securities(67)(110)
Other comprehensive income (loss)1,125 (2,013)
Comprehensive loss$(45,539)$(38,651)
Net loss per share, basic and diluted$(0.20)$(0.16)

Weighted average common shares outstanding, basic and diluted234,137,364 226,818,051 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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GOSSAMER BIO, INC.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
(in thousands, except share amounts)
 

Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive income (loss)Total stockholders' equity (deficit)
SharesAmount
Balance as of December 31, 2025233,677,057 $24 $1,321,303 $(1,438,938)$(5,149)$(122,760)

Exercise of stock options211,460 — 220 — — 220 
Stock-based compensation— — 6,304 — — 6,304 
Issuance of common stock pursuant to Employee Stock Purchase Plan807,765 — 292 — — 292 

Net loss— — — (46,664)— (46,664)
Other comprehensive income— — — — 1,125 1,125 
Balance as of March 31, 2026234,696,282 $24 $1,328,119 $(1,485,602)$(4,024)$(161,483)

Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive income (loss)Total stockholders' equity (deficit)
SharesAmount 
Balance as of December 31, 2024226,604,138 $23 $1,296,848 $(1,268,568)$1,189 $29,492 

Exercise of stock options112,617 — 132 — — 132 
Stock-based compensation— — 2,405 — — 2,405 
Issuance of common stock pursuant to Employee Stock Purchase Plan504,507 — 372 — — 372 

Net loss— — — (36,638)— (36,638)
Other comprehensive loss— — — — (2,013)(2,013)
Balance as of March 31, 2025227,221,262 $23 $1,299,757 $(1,305,206)$(824)$(6,250)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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GOSSAMER BIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

Three months ended March 31,
20262025
Cash flows from operating activities
Net loss$(46,664)$(36,638)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense5 6 
Stock-based compensation expense6,304 2,405 

Amortization of operating lease right-of-use assets227 336 
Amortization of long-term debt discount and issuance costs255 241 
Amortization of premium on marketable securities, net of accretion of discounts(660)(2,667)

Changes in operating assets and liabilities:
Receivable from contracts with collaborators2,975 (1,245)
Prepaid expenses and other current assets2,416 (926)
Other assets10 (27)
Operating lease liabilities(227)(336)
Accounts payable6,156 (937)
Accrued expenses and other current liabilities(234)490 
Accrued research and development expenses(4,267)4,301 
Accrued compensation and benefits1,435 (5,844)
Contract liabilities(8,952)(1,383)

Accrued interest expense2,500 2,500 
Net cash used in operating activities(38,721)(39,724)
Cash flows from investing activities

Purchase of marketable securities(24,994)(101,012)
Maturities of marketable securities66,600 123,100 
Purchase of property and equipment— (26)
Net cash provided by investing activities41,606 22,062 
Cash flows from financing activities

Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan292 372 
Proceeds from the exercise of stock options220 132 

Net cash provided by financing activities512 504 
Effect of exchange rate changes on cash and cash equivalents(101)105 
Net increase (decrease) in cash and cash equivalents3,296 (17,053)
Cash and cash equivalents, at the beginning of the period37,732 46,074 
Cash and cash equivalents, at the end of the period$41,028 $29,021 

Supplemental disclosure of cash flow information:
Cash paid for interest$— $— 

Supplemental disclosure of noncash investing and financing activities:

Change in unrealized gain (loss) on marketable securities, net$(67)$(110)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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GOSSAMER BIO, INC.
Notes to Unaudited Condensed Consolidated Financial Statements

Note 1 - Description of Business
Gossamer Bio, Inc. (including its subsidiaries, referred to as "we," "us," "our,", or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary hypertension ("PH") including pulmonary arterial hypertension ("PAH") and PH associated with interstitial lung disease ("PH-ILD"). The Company was incorporated in the state of Delaware on October 25, 2015 (originally as FSG Bio, Inc.) and is based in San Diego, California.
The unaudited condensed consolidated financial statements include the accounts of Gossamer Bio, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions among the consolidated entity have been eliminated in consolidation.
Liquidity and Going Concern
The Company has incurred significant operating losses since its inception. As of March 31, 2026, the Company had an accumulated deficit of $1,485.6 million. From the Company’s inception through March 31, 2026, the Company has funded its operations primarily through equity financings, convertible senior notes and the Chiesi Collaboration Agreement (as defined in Note 10 below).
The Company’s existing cash and cash equivalents are not sufficient to fund operating plans for at least one year from the issuance date of these financial statements. Accordingly, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities, in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty.
If the Company is not able to obtain the required funding, through equity or debt financings, license agreements for seralutinib in domestic or foreign markets, or other means, or is unable to obtain funding on terms favorable to the Company, or there is an event of default affecting the Company’s 2027 Notes, there will be a material adverse effect on commercialization and development operations, and the Company's ability to execute its strategic development plan for future growth. If the Company cannot successfully raise additional funding and implement its strategic development plan, the Company may be forced to make further reductions in spending, including spending in connection with our clinical development, pre-commercialization activities, extend payment terms with suppliers, suspend or curtail planned operations or cease operations entirely. The Company has concluded that these circumstances and the uncertainties associated with the Company’s ability to obtain additional equity or debt financing on terms that are favorable to the Company, or at all, and otherwise succeed in its future operations raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations into the first quarter of 2027.
On March 16, 2026, we commenced a workforce reduction of 73 individuals, constituting approximately 46% of our workforce, to reduce our operating expenses. Our remaining management and employees will continue the development of seralutinib and explore potential regulatory paths forward. This workforce reduction is expected to be substantially completed by the end of May 2026. The estimated charges associated with the workforce reduction are approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs. These charges were recognized in the first quarter of 2026.
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Note 2 - Summary of Significant Accounting Policies
Basis of Presentation
The Company's accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date. 
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrued research and development expenses, stand-alone selling price of performance obligations and estimated collaboration expenses associated with the Company’s Chiesi Collaboration Agreement. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates.
Segments
Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. The identification of a single operating and reportable segment is consistent with the management approach as the CODM regularly reviews consolidated financial information for the purpose of assessing performance and allocating resources. See Note 11, "Segment Reporting" for more information.
Collaborative Arrangements
The Company assesses whether its licensing and other agreements are collaborative arrangements based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. For arrangements that the Company determines are collaborations, it identifies each unit of account, and then determines whether a customer relationship exists for that unit of account. If the Company determines a performance obligation within the collaborative arrangement to be with a customer, it applies its revenue recognition accounting policy. If a portion of a distinct bundle of goods or services within the collaborative arrangement is not with a customer, the Company applies recognition and measurement based on an analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational and consistently applied accounting policy election. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement between the Company and the collaboration partner are within the scope of other accounting literature. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, the Company accounts for those aspects of the arrangement within the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC 606). See Note 10, "Significant Agreements and Contracts," for more information.
Revenue Recognition
The Company recognizes revenue when a customer obtains control of promised goods or services in a contract for an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the 
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performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. As part of the accounting for contracts with customers, the Company develops assumptions that require judgment to determine the standalone selling price of each distinct performance obligation identified in the contract. In addition, variable consideration such as milestone payments are evaluated to determine if they are constrained and, therefore, excluded from the transaction price. The Company then allocates the total transaction price proportionally to each distinct performance obligation based on their estimated standalone selling prices, unless an allocation exception applies. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective distinct performance obligation when (or as) the performance obligation is satisfied.
In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying standalone selling price for each distinct performance obligation, which determines how the transaction price is allocated among the distinct performance obligations. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a distinct performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.
If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in a contract, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate.
At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or a collaboration partner’s control, such as operational developmental milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect revenue from sale of licenses and revenue from contracts with collaborators in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative revenue from sale of licenses and revenue from contracts with collaborators in the period of adjustment.
For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. To date, the Company has not recognized any royalty revenue from collaborative arrangements.
For arrangements that include cost-share reimbursements, we will recognize such payments when control of the related goods or services are transferred to the customer. Cost-sharing reimbursements are presented as revenue from contracts with collaborators.
Major Customer and Concentration of Credit Risk
During the three months ended March 31, 2026, Chiesi was the Company's principal customer, accounting for 100% of its revenue. Consequently, Chiesi represented 100% of the Company's accounts receivable balance as of March 31, 2026, and December 31, 2025.
The Company is exposed to concentration of credit risk through its financial instruments, primarily cash and cash equivalents. The Company’s cash and cash equivalents are maintained in financial institutions that management considers to be of high credit quality. Amounts on deposit with these financial institutions have and will continue to exceed federally-insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
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Recent Accounting Pronouncements - Adopted
In July, 2025, the FASB issued ASU No. 2025-05, Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide all entities with a practical expedient to assume that the current conditions as of balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The guidance is effective for all entities for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Entities that use the practical expedient are required to apply the amendments prospectively. The ASU No. 2025-05 does not have the impact on the Company.
Recent Accounting Pronouncements - Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as further clarified by ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, issued in January, 2025, which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU No. 2024-03 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. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adopting ASU No. 2024-03.
In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, to address suggestions received from stakeholders on the ASC and to make other incremental improvements to U.S. GAAP. The update represents changes to the ASC that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU No. 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods. The Company is currently evaluating the impact of adopting ASU No. 2024-12 on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270), which provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. ASU No. 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU No. 2024-11 on its consolidated financial statements and related disclosures.
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future financial position, results of operations, cash flows or disclosures.
Net Loss Per Share
The Company follows the guidance in FASB ASC 260, Earnings per Share, which establishes standards regarding the computation of earnings per share ("EPS") by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of a company. The guidance requires earnings to be hypothetically allocated between the common, preferred, and other participating stockholders based on their respective rights to receive non-forfeitable dividends, whether or not declared. 
Basic and diluted net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. In loss periods, basic net loss per share and diluted net loss per share are identical because the otherwise dilutive potential common shares become anti-dilutive and are therefore excluded.
The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):
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Three months ended March 31,
20262025
2027 Notes12,321,900 12,321,900 
Shares issuable upon exercise of stock options58,816,985 47,739,962 
Shares issuable upon exercise of Chiesi Equity Option— 22,494,904 
Shares issuable upon exercise of warrants30,675,537 32,467,360 
Nonvested shares under restricted stock grants8,150,987 — 
Total potentially dilutive securities109,965,409 115,024,126 

Note 3 - Balance Sheet Accounts and Supplemental Disclosures
Accrued Expenses and Other Current Liabilities 
Accrued expenses and other current liabilities consisted of the following (in thousands):

As of
March 31,
2026December 31,
2025
Accrued compensation and benefits$12,646 $11,211 
Operating lease liabilities957 938 
Accrued consulting fees1,602 1,807 
Accrued interest3,333 833 
Accrued legal fees181 84 

Accrued accounting fees393 449 

Accrued income tax6 6 
Accrued other430 499 
Total accrued expenses and other current liabilities$19,548 $15,827 

Note 4 - Fair Value Measurements and Available for Sale Investments
Fair Value Measurements
The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1: Observable inputs such as quoted prices in active markets;
Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
The Company classifies its cash equivalents and available-for-sale investments within Level 1 or Level 2. The fair value of the Company’s investment grade corporate debt securities and commercial paper classified as Level 2 is determined using proprietary valuation models and analytical tools, which utilize market pricing or prices for similar instruments that are both objective and publicly available, such as matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, and offers.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the hierarchy for assets measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):

Fair Value Measurements at End of Period Using:
Total
Fair ValueQuoted Market
Prices for
Identical Assets
(Level 1)Significant
Other Observable
Inputs
(Level 2)Significant
Unobservable
Inputs
(Level 3)
As of March 31, 2026
Money market funds$24,350 $24,350 $— $— 
U.S. Treasury and agency securities17,150 17,150 — — 
Commercial paper37,420 — 37,420 — 
Corporate debt securities8,000 — 8,000 — 
As of December 31, 2025
Money market funds$22,228 $22,228 $— $— 
U.S. Treasury and agency securities8,090 8,090 — — 
Commercial paper73,592 — 73,592 — 
Corporate debt securities27,377 — 27,377 — 

The Company did not reclassify any investments between levels in the fair value hierarchy during the periods presented.
Fair Value of Other Financial Instruments
As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s financial instruments, which include cash, prepaid and other current