Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 65,300	$ 71,367
Marketable securities	131,147	195,317
Accounts receivable	1,761	1,504
Related party collaboration receivable	151	676
Prepaid expenses and other current assets	4,328	7,945
Total current assets	202,687	276,809
Property and equipment, net	13,136	14,314
Restricted cash	2,736	2,874
Marketable securities	5,244	65,704
Operating lease right-of-use assets	28,478	33,349
Total assets	252,281	393,050
Current liabilities:
Accounts payable	5,013	3,996
Accrued expenses	12,098	14,171
Operating lease liabilities	7,840	7,227
Deferred revenue	1,590	24,394
Total current liabilities	26,541	49,788
Operating lease liabilities, net of current portion	28,659	36,499
Deferred revenue, net of current portion		6,003
Other non-current liabilities	1,000	1,000
Total liabilities	56,200	93,290
Commitments, contingencies, and other liabilities (see note 8)
Stockholders' equity:
Preferred stock, $0.001 par value: 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024
Common stock, $0.001 par value: 120,000,000 shares authorized; 59,047,860 and 54,731,316 shares issued and outstanding at December 31, 2025 and 2024, respectively	59	55
Additional paid-in capital	641,895	626,296
Accumulated other comprehensive income (loss)	32	(407)
Accumulated deficit	(445,905)	(326,184)
Total stockholders' equity	196,081	299,760
Total liabilities and stockholders' equity	$ 252,281	$ 393,050

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).