Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 181,815	$ 146,645
Marketable securities	29,830	0
Accounts receivable	2,725	15,176
Prepaid expenses and other current assets	3,697	2,074
Total current assets	218,067	163,895
Property and equipment, net	2,574	3,542
Right-of-use assets	13,747	16,121
Restricted cash and other non-current assets	2,976	2,976
Total assets	237,364	186,534
Current liabilities:
Accounts payable	4,741	2,605
Accrued expenses	17,365	32,610
Liability for sale of future revenues, current	7,500	5,000
Deferred revenue, current	32,315	0
Operating lease liabilities, current	6,513	6,031
Total current liabilities	68,434	46,246
Operating lease liabilities, net of current portion	8,998	12,071
Liability for sale of future revenues, net of current portion	48,238	53,605
Deferred revenue, net of current portion	4,000	44,509
Other non-current liabilities	2,413	2,815
Total liabilities	132,083	159,246
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.0001 par value per share: 390,000,000 shares authorized; 153,530,898 and 97,866,996 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	15	10
Additional paid-in capital	1,776,987	1,655,781
Accumulated other comprehensive income (loss)	(6)	0
Accumulated deficit	(1,671,715)	(1,628,503)
Total stockholders’ equity	105,281	27,288
Total liabilities and stockholders’ equity	$ 237,364	$ 186,534

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).