Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 41,299	$ 31,374
Marketable securities	5,496	23,362
Prepaid expenses and other current assets	6,695	6,517
Total current assets	53,490	61,253
Property and equipment, net	20	23
Operating lease right-of-use assets	152	175
Other assets, noncurrent	810	810
Total assets	54,472	62,261
Current liabilities:
Accounts payable	940	126
Accrued expenses	3,101	3,791
Operating lease liabilities	99	94
Deferred revenue	0	212
Total current liabilities	4,140	4,223
Operating lease liabilities, noncurrent	55	82
Total liabilities	4,195	4,305
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.0001 par value per share; 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; and 5,290,236 and 5,283,321 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	4	4
Preferred stock, $0.0001 par value per share; 50,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding as of March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	360,548	359,932
Accumulated other comprehensive gain	1	18
Accumulated deficit	(310,276)	(301,998)
Total stockholders' equity	50,277	57,956
Total liabilities and stockholders' equity	$ 54,472	$ 62,261

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).