CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 20,158	$ 75,603
Marketable securities	226,170	187,293
Prepaid expenses and other current assets	6,636	5,021
Total current assets	252,964	267,917
Property and equipment, net	1,057	830
Other long-term assets	312	256
Operating lease right-of-use assets	7,016	7,639
Total assets	261,349	276,642
Current liabilities:
Accounts payable	1,495	1,016
Accrued expenses	2,859	6,387
Current portion of operating lease liabilities	2,303	2,341
Total current liabilities	6,657	9,744
Operating lease liabilities, net of current portion	4,651	5,909
Total liabilities	11,308	15,653
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.001 par value; authorized shares—10,000,000 at March 31, 2026 and December 31, 2025; no shares issued or outstanding at March 31, 2026 and December 31, 2025.	0	0
Additional paid-in-capital	442,093	438,072
Accumulated deficit	(191,836)	(177,380)
Accumulated other comprehensive income (loss)	(253)	260
Total stockholders' equity	250,041	260,989
Total liabilities and stockholders' equity	261,349	276,642
Class A
Stockholders' equity:
Common stock	32	31
Class B
Stockholders' equity:
Common stock	$ 5	$ 6

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
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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).