Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 323,527	$ 177,878
Marketable securities	44,036	259,400
Prepaid expenses and other current assets	17,584	13,887
Total current assets	385,147	451,165
Property and equipment, net	1,705	2,761
Operating lease right-of-use asset	10,382	15,644
Restricted cash	3,807	2,407
Other long-term assets	3,231	2,945
Total assets	404,272	474,922
Current liabilities:
Accounts payable	10,303	10,095
Accrued expenses	39,566	31,067
Operating lease liability	5,550	5,774
Total current liabilities	55,419	46,936
Long-term portion of operating lease liability	3,656	9,206
Long-term debt	99,709	50,146
Total liabilities	158,784	106,288
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024
Common stock, $0.001 par value; 300,000,000 shares authorized; 108,461,354 and 93,823,678 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	108	94
Additional paid-in capital	1,545,940	1,291,095
Accumulated other comprehensive income	94	160
Accumulated deficit	(1,300,654)	(922,715)
Total stockholders' equity	245,488	368,634
Total liabilities and stockholders' equity	$ 404,272	$ 474,922

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).