v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 226,651 $ 77,391
Marketable securities 90,328 99,110
Accounts receivable, net 88 447
Prepaid expenses and other current assets 6,604 12,484
Total current assets 323,671 189,432
Property and equipment, net 310 961
Restricted cash equivalents 985 1,446
Operating lease right-of-use assets 5,181 1,771
Deposits and other assets 2,498 24
Total assets 332,645 193,634
Current liabilities:    
Accounts payable 3,519 2,939
Accrued expenses 17,910 23,949
Operating lease liabilities, current portion 1,259 1,518
Total current liabilities 22,688 28,406
Operating lease liabilities, net of current portion 4,698 463
Total liabilities 27,386 28,869
Commitments and contingencies (Note 16)
Stockholders' equity:    
Common stock, $0.0001 par value; 300,000,000 shares authorized; 109,884,502 and 68,629,738 shares issued and outstanding as of December 31, 2025 and 2024, respectively 11 7
Additional paid-in capital 1,056,271 771,542
Accumulated deficit (751,427) (606,692)
Accumulated other comprehensive income (loss) 404 (92)
Total stockholders' equity 305,259 164,765
Total liabilities and stockholders' equity $ 332,645 $ 193,634