Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 92,687	$ 85,412
Marketable securities	63,580	51,440
Prepaid expenses and other current assets	4,405	5,170
Total current assets	160,672	142,022
Property and equipment, net	639	622
Operating lease right-of-use assets	3,055	2,069
Restricted cash	456	606
Other assets	480	523
Total assets	165,302	145,842
Current liabilities:
Accounts payable	7,597	5,216
Accrued expenses	25,367	58,474
Operating lease liabilities, current	1,202	1,105
Total current liabilities	34,166	64,795
Operating lease liabilities	3,754	2,962
Total liabilities	37,920	67,757
Commitments and contingencies (See Note 8)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 500,000 and 250,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1
Common stock, $0.001 par value per share; 137,016,100 and 115,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 103,882,937 and 83,090,392 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	103	83
Additional paid-in capital	624,516	512,779
Accumulated deficit	(497,226)	(434,831)
Accumulated other comprehensive gain (loss)	(12)	54
Total stockholders’ equity	127,382	78,085
Total liabilities and stockholders’ equity	$ 165,302	$ 145,842

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).