CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 72,482	$ 101,211
Marketable securities	281,530	318,787
Collaboration receivable	1,180	3,680
Prepaid expenses and other current assets	13,954	16,361
Total current assets	369,146	440,039
Property and equipment, net	9,807	10,928
Restricted cash	3,950	3,950
Right-of-use assets, operating leases	65,681	71,120
Other non-current assets	199	284
Total assets	448,783	526,321
Current liabilities:
Accounts payable	1,857	4,259
Accrued expenses and other current liabilities	11,795	13,343
Income taxes payable	0	667
Operating lease obligations, current portion	5,462	7,559
Deferred revenue, current portion	689	13,654
Total current liabilities	19,803	39,482
Operating lease obligations, net of current portion	49,281	51,648
Deferred revenue, net of current portion	194	6,513
Total liabilities	69,278	97,643
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, par value $0.0001; 150,000,000 shares authorized; 38,033,970 shares issued and outstanding as of June 30, 2025; and 37,585,944 shares issued and 37,574,538 shares outstanding as of December 31, 2024	4	4
Additional paid‑in capital	568,897	558,061
Accumulated other comprehensive income (loss)	400	(43)
Accumulated deficit	(189,796)	(129,344)
Total stockholders’ equity	379,505	428,678
Total liabilities and stockholders’ equity	$ 448,783	$ 526,321

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).