CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 229,136	$ 226,651
Marketable securities	50,632	90,328
Prepaid expenses and other current assets	5,256	6,692
Total current assets	285,024	323,671
Property and equipment, net	212	310
Restricted cash equivalents	986	985
Operating lease right-of-use assets	4,881	5,181
Other assets	2,500	2,498
Total assets	293,603	332,645
Current liabilities:
Accounts payable	3,529	3,519
Accrued expenses	11,282	17,910
Operating lease liabilities, current portion	1,155	1,259
Total current liabilities	15,966	22,688
Operating lease liabilities, net of current portion	4,476	4,698
Total liabilities	20,442	27,386
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 0 and 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
Common stock, $0.0001 par value; 300,000,000 shares authorized; 111,026,477 and 109,884,502 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	11	11
Additional paid-in capital	1,065,621	1,056,271
Accumulated deficit	(792,711)	(751,427)
Accumulated other comprehensive income	240	404
Total stockholders' equity	273,161	305,259
Total liabilities and stockholders' equity	$ 293,603	$ 332,645

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).