Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 9,445	$ 13,903
Marketable securities	36,304	51,608
Prepaid expenses and other current assets	4,516	2,330
Total current assets	50,265	67,841
Property and equipment, net	61	115
Operating lease right-of-use assets	51	152
Investment in joint venture	626	0
Total assets	51,003	68,108
Current liabilities:
Accounts payable	119	278
Accrued expenses	4,226	4,962
Operating lease liabilities	58	154
Deferred revenue	636	848
Total current liabilities	5,039	6,242
Deferred revenue, noncurrent	0	212
Total liabilities	5,039	6,454
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.0001 par value per share; 200,000,000 shares authorized as of June 30, 2025 and December 31, 2024; and 41,707,153 and 41,510,163 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	4	4
Preferred stock, $0.0001 par value per share; 50,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued or outstanding as of June 30, 2025 and December 31, 2024	0	0
Additional paid-in capital	358,105	354,602
Accumulated other comprehensive gain	17	68
Accumulated deficit	(312,162)	(293,020)
Total stockholders' equity	45,964	61,654
Total liabilities and stockholders' equity	$ 51,003	$ 68,108

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).