Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 272,589	$ 112,825
Short-term marketable securities	556,366	526,563
Prepaid expenses and other current assets	19,653	21,366
Contract assets	15,417	5,973
Total current assets	864,025	666,727
Restricted cash	1,281	1,015
Long-term marketable securities	413,934	410,297
Property and equipment, net	8,280	8,217
Right-of-use assets	22,179	23,068
Total assets	1,309,699	1,109,324
Current liabilities
Accounts payable	30,508	17,584
Accrued liabilities	50,979	40,892
Operating lease liabilities, current	1,190	339
Total current liabilities	82,677	58,815
Long-term operating lease liabilities	28,117	27,575
Total liabilities	110,794	86,390
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 96,375,637 and 87,796,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025	10	9
Additional paid-in capital	2,148,095	1,757,197
Accumulated other comprehensive (loss) income	(1,670)	2,267
Accumulated deficit	(947,530)	(736,539)
Total stockholders’ equity	1,198,905	1,022,934
Total liabilities and stockholders’ equity	$ 1,309,699	$ 1,109,324

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).