Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 121,189	$ 84,018
Investments	789,745	470,500
Prepaid expenses	8,735	17,787
Other current assets	8,413	5,974
Total current assets	928,082	578,279
Property and equipment, net	862	1,726
Operating lease assets	37,177	39,990
Restricted cash	1,336	1,336
Total assets	967,457	621,331
Current liabilities:
Accounts payable	11,459	7,705
Accrued expenses	34,079	13,645
Operating lease liabilities	4,014	3,765
Other current liabilities	1,252	463
Total current liabilities	50,804	25,578
Operating lease liabilities, net of current portion	26,644	28,693
Total liabilities	77,448	54,271
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 450,000,000 and 300,000,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively; 218,531,200 and 173,868,949 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	211	168
Additional paid-in capital	3,063,118	2,580,928
Accumulated other comprehensive (loss) gain	(1,553)	733
Accumulated deficit	(2,171,767)	(2,014,769)
Total stockholders' equity	890,009	567,060
Total liabilities and stockholders' equity	$ 967,457	$ 621,331

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).