Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 157,522	$ 112,825
Short-term marketable securities	513,679	526,563
Prepaid expenses and other current assets	18,346	21,366
Contract assets	6,560	5,973
Total current assets	696,107	666,727
Restricted cash	1,281	1,015
Long-term marketable securities	301,713	410,297
Property and equipment, net	8,634	8,217
Right-of-use assets	22,613	23,068
Total assets	1,030,348	1,109,324
Current liabilities
Accounts payable	20,736	17,584
Accrued liabilities	43,745	40,892
Operating lease liabilities, current	350	339
Total current liabilities	64,831	58,815
Long-term operating lease liabilities	28,250	27,575
Total liabilities	93,081	86,390
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, $0.0001 par value, 300,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 87,856,154 and 87,796,561 shares issued and outstanding as of March 31, 2026 and December 31, 2025	9	9
Additional paid-in capital	1,772,830	1,757,197
Accumulated other comprehensive (loss) income	(494)	2,267
Accumulated deficit	(835,078)	(736,539)
Total stockholders’ equity	937,267	1,022,934
Total liabilities and stockholders’ equity	$ 1,030,348	$ 1,109,324

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).