Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 31,423	$ 30,506
Short-term investments	207,811	227,797
Prepaid expenses and other current assets	9,867	10,539
Total current assets	249,101	268,842
Property and equipment, net	47	55
Long-term investments	17,184	36,633
Restricted cash	227	227
Operating lease right-of-use asset	127	212
Other non-current assets	2,609	3,032
Total assets	269,295	309,001
Current liabilities
Accounts payable	3,170	3,583
Accrued expenses and other current liabilities	6,780	5,099
Operating lease liability, current portion	145	227
Total current liabilities	10,095	8,909
Operating lease liability, net of current portion	0	17
Other liabilities	8	23
Total liabilities	10,103	8,949
Commitments and Contingencies
Stockholders’ equity
Undesignated preferred stock, $0.0001 par value – 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024, no shares issued or outstanding as of June 30, 2025 or December 31, 2024	0	0
Common stock, $0.0001 par value – 140,000,000 voting shares authorized as of June 30, 2025 and December 31, 2024, 25,692,268 and 25,617,805 voting shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; 10,000,000 non-voting shares authorized as of June 30, 2025 and December 31, 2024, no non-voting shares issued or outstanding as of June 30, 2025 or December 31, 2024	3	3
Additional paid-in capital	440,391	435,014
Accumulated other comprehensive income	121	296
Accumulated deficit	(181,323)	(135,261)
Total stockholders’ equity	259,192	300,052
Total liabilities and stockholders’ equity	$ 269,295	$ 309,001

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).