v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 107,250 $ 88,438
Investments 353,955 247,720
Prepaid expenses and other current assets 10,046 12,658
Total current assets 471,251 348,816
Property and equipment, net 144 170
Operating lease right-of-use asset 649 726
Other assets 69 69
Total assets 472,113 349,781
Current liabilities:    
Accounts payable 6,579 2,151
Accrued expenses and other current liabilities 14,922 9,419
Related party accrued expenses and other current liabilities 299 4,969
Warrant liability, related party 9,770  
Total current liabilities 31,570 16,539
Long-term lease liability 628 724
Total liabilities 32,198 17,263
Commitments and contingencies (Note 12)
Stockholders' equity    
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 63,556,065 and 49,316,287 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 6 5
Additional paid-in capital 711,089 506,771
Accumulated other comprehensive (loss) income (660) 129
Accumulated deficit (270,522) (174,389)
Total stockholders' equity 439,915 332,518
Total liabilities and stockholders' equity 472,113 349,781
Series A Non-voting Convertible Preferred Stock    
Stockholders' equity    
Series A non-voting convertible preferred stock, $0.0001 par value; 12,622 shares authorized as of both June 30, 2026 and December 31, 2025, 12,622 shares issued and outstanding as of both June 30, 2026 and December 31, 2025 $ 2 $ 2