Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 17,076	$ 49,657
Marketable debt securities	125,418	105,897
Prepaid expenses and other current assets	3,658	3,950
Total current assets	146,152	159,504
Restricted cash, non-current	745	745
Marketable debt securities, non-current	19,356	42,336
Property and equipment, net	1,318	759
Operating lease right-of-use asset	2,602	3,174
Other assets	5,920	2,950
Total assets	176,093	209,468
Current liabilities:
Accounts payable	4,663	3,468
Accrued expenses and other current liabilities	7,370	6,229
Operating lease liability	1,286	1,242
Total current liabilities	13,319	10,939
Operating lease liability, non-current	1,463	2,117
Total liabilities	14,782	13,056
Commitments and contingencies (Note 9)
Stockholders’ Equity:
Series 1 Convertible Preferred Stock, 8,028 shares authorized at June 30, 2026 and December 31, 2025, 872 and 5,615 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, 59,083,935 and 53,587,260 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	59	54
Additional paid-in capital	503,484	498,687
Accumulated deficit	(341,869)	(302,419)
Accumulated other comprehensive income (loss)	(363)	90
Total stockholders’ equity	161,311	196,412
Total liabilities and stockholders’ equity	$ 176,093	$ 209,468

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).