Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 157,415	$ 215,372
Marketable securities	143,860	177,195
Prepaid expenses and other current assets	5,304	11,805
Total current assets	306,579	404,372
Long-term marketable securities	145,369	76,961
Property and equipment, net	258	230
Operating lease right-of-use assets	626	1,131
Other non-current assets	0	416
Total assets	452,832	483,110
Current liabilities:
Accounts payable	28,832	12,528
Accrued expenses	19,021	23,763
Operating lease liabilities	755	1,259
Total current liabilities	48,608	37,550
Long-term liabilities:
Non-current portion of operating lease liabilities	0	110
Total liabilities	48,608	37,660
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized; 21,040,474 shares issued and outstanding as of June 30, 2025, and 19,422,358 shares issued and outstanding as of December 31, 2024	14	14
Additional paid-in capital	1,380,978	1,281,522
Accumulated other comprehensive gain	395	654
Accumulated deficit	(977,163)	(836,740)
Total stockholders’ equity	404,224	445,450
Total liabilities and stockholders’ equity	$ 452,832	$ 483,110

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Balance Type:	credit
Period Type:	instant

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).