Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 43,404	$ 41,666
Marketable securities, available for sale	550,588	428,504
Prepaid expenses and other assets	9,263	5,313
Total current assets	603,255	475,483
Property and equipment, net	8,595	9,503
Operating lease right-of-use asset	1,484	1,569
Other non-current assets		262
Total assets	613,334	486,817
Current liabilities
Accounts payable	8,320	5,579
Accrued compensation	5,636	10,056
Accrued other expenses	5,936	7,229
Operating lease liability, current portion	1,004	996
Total current liabilities	20,896	23,860
Operating lease liability, net of current portion	3,367	3,741
Total liabilities	24,263	27,601
Commitments and contingencies (see note 5)
Stockholders' equity:
Preferred stock, $.0001 par value per share; 200,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024
Common stock, $.0001 par value per share; 1,000,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 105,341,296 shares and 94,838,466 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	10	9
Additional paid-in capital	1,044,346	837,363
Accumulated other comprehensive income	204	420
Accumulated deficit	(455,489)	(378,576)
Total stockholders' equity	589,071	459,216
Total liabilities and stockholders' equity	$ 613,334	$ 486,817

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
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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).