Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 52,645	$ 56,805
Short-term investments	437,894	248,475
Restricted cash	105	105
Prepaid expenses and other current assets	7,917	4,417
Total current assets	498,561	309,802
Property and equipment, net	2,976	3,529
Operating lease right of use asset, net	9,909	1,442
Other assets	985	160
Total assets	512,431	314,933
Current liabilities
Accounts payable	4,190	1,954
Accrued expenses and other current liabilities	12,104	6,076
Operating lease liability	2,755	737
Total current liabilities	19,049	8,767
Operating lease liability, net of current portion	8,729	739
Total liabilities	27,778	9,506
Commitments and contingencies (Note 12)
Stockholders' equity
Undesignated preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; zero shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0
Common stock, $0.001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 47,772,567 shares and 36,580,202 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	48	37
Additional paid-in capital	719,287	429,657
Accumulated other comprehensive income (loss)	546	(522)
Accumulated deficit	(235,228)	(123,745)
Total stockholders' equity	484,653	305,427
Total liabilities and stockholders' equity	$ 512,431	$ 314,933

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).