CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 14,711	$ 75,603
Marketable securities	221,840	187,293
Prepaid expenses and other current assets	6,029	5,021
Total current assets	242,580	267,917
Property and equipment, net	929	830
Other long-term assets	364	256
Operating lease right-of-use assets	6,494	7,639
Total assets	250,367	276,642
Current liabilities:
Accounts payable	505	1,016
Accrued expenses	3,628	6,387
Current portion of operating lease liabilities	2,393	2,341
Total current liabilities	6,526	9,744
Operating lease liabilities, net of current portion	4,181	5,909
Total liabilities	10,707	15,653
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.001 par value; authorized shares—10,000,000 at June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025.	0	0
Additional paid-in-capital	447,185	438,072
Accumulated deficit	(206,990)	(177,380)
Accumulated other comprehensive income (loss)	(573)	260
Total stockholders' equity	239,660	260,989
Total liabilities and stockholders' equity	250,367	276,642
Class A
Stockholders' equity:
Common stock	33	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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- 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).