Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 103,845	$ 136,586
Short-term investments	165,168	175,819
Prepaid expenses and other current assets	2,757	3,518
Total current assets	271,770	315,923
Property and equipment, net	12,792	15,422
Operating lease right-of-use assets	2,648	3,000
Finance lease right-of-use assets	22	71
Restricted cash	339	339
Other non-current assets	1,033	975
Total assets	288,604	335,730
Current liabilities:
Accounts payable	1,953	1,336
Accrued expenses and other current liabilities	10,756	9,731
Operating lease liabilities, current	3,050	2,945
Finance lease liabilities, current	14	54
Contingent value rights liability, current	638	1,091
Total current liabilities	16,411	15,157
Operating lease liabilities, non-current	6,822	9,403
Finance lease liabilities, non-current	5	26
Contingent value rights liability, non-current	428	718
Other liabilities	51	51
Total liabilities	23,717	25,355
Stockholders' equity
Preferred stock, $0.000001 par value; 50,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Common stock, $0.000001 par value; 450,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 15,489,800 and 14,854,725 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	617,536	572,673
Accumulated deficit	(352,649)	(262,298)
Total stockholders' equity	264,887	310,375
Total liabilities and stockholders' equity	$ 288,604	$ 335,730

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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Balance Type:	credit
Period Type:	instant

- 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).