Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 301,454	$ 26,701
Short-term investments	47,940	81,307
Other receivables (including related party amounts of $0 and $61, respectively)	141	67
Prepaid expenses and other current assets	2,741	4,591
Total current assets	352,276	112,666
Restricted cash	461	461
Property and equipment, net	5,671	6,618
Operating lease right-of-use assets	9,236	10,525
Financing lease right-of-use asset	180	212
Other long-term assets	809	458
Total assets	368,633	130,940
Current liabilities:
Accounts payable	1,386	355
Accrued expenses (including related party amounts of $22 and $0, respectively)	9,896	9,600
Current portion of operating lease liabilities	3,299	3,015
Current portion of financing lease liability		44
Other current liabilities		73
Total current liabilities	14,581	13,087
Operating lease liabilities, net of current portion	6,550	7,883
Total liabilities	21,131	20,970
Commitments and contingencies (Note 10)
Stockholders' equity :
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value; 700,000,000 shares authorized at June 30, 2026 and December 31, 2025; 48,792,279 and 24,595,550 shares issued and outstanding at June 30, 2026 and December 31, 2025 respectively	5	3
Additional paid-in capital	726,588	440,413
Accumulated other comprehensive (loss) income	(21)	103
Accumulated deficit	(379,070)	(330,549)
Total stockholders' equity	347,502	109,970
Total liabilities and stockholders' equity	$ 368,633	$ 130,940

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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Balance Type:	credit
Period Type:	instant

- 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).