CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 117,324	$ 99,594
Short-term investments	446,032	617,990
Prepaid expenses and other current assets (including related party of $— and $800 as of June 30, 2025 and December 31, 2024, respectively	15,394	20,877
Total current assets	578,750	738,461
Property and equipment, net	1,091	1,236
Operating lease right-of-use asset	1,977	2,205
Other assets	506	501
Total assets	582,324	742,403
Current liabilities:
Accounts payable	8,518	2,143
Accrued and other liabilities	35,344	45,443
Current portion of long-term debt	8,435	0
Current portion of deferred revenue - related party	288	288
Total current liabilities	52,585	47,874
Long-term debt	12,353	20,582
Deferred revenue - related party	140	284
Other liabilities	2,077	2,024
Total liabilities	67,155	70,764
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 81,651,186 and 80,994,046 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	817	810
Additional paid-in capital	1,508,902	1,477,811
Accumulated other comprehensive income (loss)	69	(10)
Accumulated deficit	(1,183,504)	(995,857)
Total stockholders’ equity	515,169	671,639
Total liabilities and stockholders’ equity	582,324	742,403
Series A Convertible Preferred Stock
Stockholders’ equity:
Preferred stock	61,188	61,188
Series B Convertible Preferred Stock
Stockholders’ equity:
Preferred stock	$ 127,697	$ 127,697

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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- 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).