v3.26.1
Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 31,806 $ 124,093
Available-for-sale marketable securities 167,621 155,160
Prepaid expenses and other current assets 7,115 3,700
Total current assets 206,542 282,953
Restricted cash 551 551
Property and equipment, net 1,326 1,546
Operating lease right-of-use assets 7,848 3,568
Finance lease right-of-use assets 112 305
Other non-current assets 3,444 4,903
Total assets 219,823 293,826
Current liabilities    
Accounts payable 2,933 5,306
Accrued compensation 5,481 9,990
Accrued license expense - related party 3,750 3,750
Other accrued expenses and current liabilities 9,112 13,472
Operating lease liabilities, short-term portion 1,400 3,662
Finance lease liabilities 126 307
Total current liabilities 22,802 36,487
Operating lease liabilities, net of short-term portion 6,589 320
Term loan 24,883 24,743
Total liabilities 54,274 61,550
Commitments and contingencies (Note 7)
Stockholders' equity    
Preferred stock, 10,000,000 shares authorized, $0.00001 par value, no shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, $0.00001 par value; 490,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 61,570,247 and 60,389,893 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. 1 1
Additional paid-in capital 668,564 657,005
Accumulated other comprehensive (loss) income (142) 97
Accumulated deficit (502,874) (424,827)
Total stockholders' equity 165,549 232,276
Total liabilities and stockholders' equity $ 219,823 $ 293,826