CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 72,319	$ 61,148
Marketable securities, available for sale	388,390	468,961
Prepaid expenses and other assets	6,445	13,276
Current assets held for sale	4,364
Total current assets	471,518	543,385
Property and equipment, net	6,892	7,831
Operating lease right-of-use asset	1,278	1,387
Total assets	479,688	552,603
Current liabilities
Accounts payable	4,666	6,006
Accrued compensation	8,576	12,430
Accrued other expenses	5,189	7,920
Operating lease liability, current portion	1,021	1,014
Current liabilities held for sale	9,590
Total current liabilities	29,042	27,370
Operating lease liability, net of current portion	2,569	2,976
Total liabilities	31,611	30,346
Commitments and contingencies (see note 5)
Stockholders' equity:
Preferred stock, $.0001 par value per share; 200,000,000 shares authorized and no shares issued or outstanding as of June 30, 2026 and December 31, 2025
Common stock, $.0001 par value per share; 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 107,776,380 shares and 106,249,579 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	10	10
Additional paid-in capital	1,101,278	1,067,941
Accumulated other comprehensive income (loss)	(500)	677
Accumulated deficit	(652,711)	(546,371)
Total stockholders' equity	448,077	522,257
Total liabilities and stockholders' equity	$ 479,688	$ 552,603

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).