Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 95,713	$ 64,696
Marketable securities	206,117	390,025
Prepaid expenses and other current assets	9,161	7,634
Total current assets	310,991	462,355
Property and equipment, net	457	873
Other assets	3,136	197
Operating lease right-of-use assets, net	634	1,243
Total assets	315,218	464,668
Current liabilities
Accounts payable	12,945	4,458
Accrued expenses and other current liabilities	25,996	13,345
Current portion of operating lease liabilities	843	800
Total current liabilities	39,784	18,603
Operating lease liabilities	0	842
Income taxes payable	0	6,356
Total liabilities	39,784	25,801
Commitments and contingencies (see Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and 2023
Common stock, $0.001 par value; 300,000,000 shares authorized; 78,126,796 and 84,463,059 shares issued and outstanding as of December 31, 2025 and 2024	78	84
Additional paid-in capital	797,751	802,770
Accumulated other comprehensive gain	174	233
Accumulated deficit	(522,569)	(364,220)
Total stockholders’ equity	275,434	438,867
Total liabilities and stockholders’ equity	$ 315,218	$ 464,668

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 amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all domestic and foreign income tax obligations due beyond one year or the operating cycle, whichever is longer. Alternate captions include income taxes payable, noncurrent.