Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 110,641	$ 319,742
Short-term investments	232,551	31,024
Restricted cash		90
Prepaid expenses and other current assets	7,979	5,067
Total current assets	351,171	355,923
Property and equipment, net	34	185
Operating lease right-of-use assets, net	1,354	1,004
Long-term investments	17,272
Other non-current assets	13,809	12,856
Total assets	383,640	369,968
Current liabilities:
Accounts payable	7,111	17,136
Accrued expenses	54,423	39,371
Operating lease liabilities, current	1,115	785
Total current liabilities	62,649	57,292
Long-term liabilities:
Royalty obligation	78,636
Operating lease liabilities, less current portion	211	218
Total long-term liabilities	78,847	218
Total liabilities	141,496	57,510
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, par value $0.0001 per share; 25,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024
Common stock, par value $0.0001 per share; 175,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 54,485,518 and 41,793,412 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	5	4
Additional paid-in capital	1,007,331	699,651
Accumulated other comprehensive (loss) income	(64)	194
Accumulated deficit	(765,128)	(387,391)
Total stockholders' equity	242,144	312,458
Total liabilities and stockholders' equity	$ 383,640	$ 369,968

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).