Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 44,006	$ 319,742
Short-term investments	229,273	31,024
Restricted cash		90
Prepaid expenses and other current assets	5,324	5,067
Total current assets	278,603	355,923
Property and equipment, net	61	185
Operating lease right-of-use assets, net	1,010	1,004
Long-term investments	1,614
Other non-current assets	11,797	12,856
Total assets	293,085	369,968
Current liabilities:
Accounts payable	7,931	17,136
Accrued expenses	44,520	39,371
Operating lease liabilities, current	793	785
Total current liabilities	53,244	57,292
Operating lease liabilities, non-current	215	218
Total liabilities	53,459	57,510
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, par value $0.0001 per share; 25,000,000 shares authorized and no shares issued and outstanding as of June 30, 2025 and December 31, 2024
Common stock, par value $0.0001 per share; 175,000,000 shares authorized; 42,088,697 and 41,793,412 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	4	4
Additional paid-in capital	712,903	699,651
Accumulated other comprehensive (loss) income	(94)	194
Accumulated deficit	(473,187)	(387,391)
Total stockholders' equity	239,626	312,458
Total liabilities and stockholders' equity	$ 293,085	$ 369,968

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).