v3.26.1
CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 54,124 $ 75,289
Marketable securities 364,457 298,416
Prepaid expenses and other current assets 9,281 7,834
Total current assets 427,862 381,539
Property and equipment, net 4,663 2,735
Right-of-use assets 2,759 487
Other assets 625 383
Total assets 435,909 385,144
Current liabilities:    
Accounts payable 4,356 2,977
Accrued expenses 18,673 12,346
Operating lease liabilities, current 631 172
Total current liabilities 23,660 15,495
Share repurchase liability 0 2
Operating lease liabilities, net of current 2,710 424
Total liabilities 26,370 15,921
Commitments and contingencies (Note 9)
Stockholders' equity    
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized and zero issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized and 47,949,804 issued and outstanding as of June 30, 2026 and 500,000,000 shares authorized and 44,927,953 issued and outstanding as of December 31, 2025 6 6
Additional paid-in-capital 695,843 593,407
Accumulated deficit (285,088) (224,476)
Accumulated other comprehensive (loss) income (1,222) 286
Total stockholders' equity 409,539 369,223
Total liabilities and stockholders' equity $ 435,909 $ 385,144