Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 297,099	$ 59,900
Available-for-sale securities	83,581	127,950
Prepaid expenses and other current assets	15,470	16,384
Restricted cash, current	638	1,222
Total current assets	396,788	205,456
Non-current assets:
Operating lease, right-of-use assets	21,300	21,924
Property and equipment, net	3,914	4,169
Other non-current assets	183	223
Restricted cash, net of current portion	708	768
Total non-current assets	26,105	27,084
Total assets	422,893	232,540
Current liabilities:
Accounts payable	5,563	3,224
Accrued expenses and other current liabilities	19,182	18,945
Operating lease liabilities, current	2,188	2,103
Derivative liabilities	3,350	9,200
Total current liabilities	30,283	33,472
Non-current liabilities:
Operating lease liabilities, net of current portion	18,478	19,058
Total non-current liabilities	18,478	19,058
Total liabilities	48,761	52,530
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.001 par value - 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued or outstanding at March 31, 2026 and December 31, 2025
Common stock, $0.001 par value - 240,000,000 shares authorized at March 31, 2026 and December 31, 2025; 98,394,720 and 78,967,888 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	98	79
Additional paid-in capital	1,388,559	1,137,654
Accumulated other comprehensive income	(13)	52
Accumulated deficit	(1,014,512)	(957,775)
Total stockholders’ equity	374,132	180,010
Total liabilities and stockholders’ equity	$ 422,893	$ 232,540

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).