CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 96,599	$ 96,685
Prepaid expenses and other assets	6,561	7,252
Marketable securities	400,660	318,116
Total current assets	503,820	422,053
Property and equipment, net	362	330
Right of use asset – operating lease	1,151	1,701
Other assets	6,910	6,910
Total assets	512,243	430,994
Current liabilities
Operating lease liability – current portion	1,163	1,117
Total current liabilities	43,475	28,949
Operating lease liability – net of current portion	0	593
Total liabilities	43,475	29,542
Commitments and Contingencies (Note 7)
Stockholders' equity:
Preferred stock $0.0001 par value, 10,000,000 shares authorized; 0 shares 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; 65,931,128 and 56,600,724 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	8	7
Additional paid-in capital	939,940	760,168
Accumulated other comprehensive (loss) income	(567)	243
Accumulated deficit	(470,613)	(358,966)
Total stockholders' equity	468,768	401,452
Total liabilities and stockholders’ equity	512,243	430,994
Nonrelated Party
Current liabilities
Accounts payable	7,431	5,515
Accrued expenses and other current liabilities	33,666	18,898
Related Party
Current liabilities
Accounts payable	1,032	2,278
Accrued expenses and other current liabilities	$ 183	$ 1,141

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
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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).