Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 283,111	$ 250,173
Marketable securities	44,679	45,040
Prepaid expenses and other current assets	27,511	13,219
Total current assets	355,301	308,432
Operating lease right-of-use assets, net	3,405	2,151
Property and equipment, net	2,204	1,581
Restricted cash	782	770
Total assets	361,692	312,934
Current liabilities
Accounts payable	3,491	2,127
Accrued expenses	19,229	4,585
Operating lease liabilities, current	844	730
Total current liabilities	23,564	7,442
Derivative liability - warrants	1,408	1,343
Operating lease liabilities, noncurrent	4,373	2,839
Total liabilities	29,345	11,624
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 28,681,063 and 25,299,372 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	3	3
Additional paid-in capital	532,343	430,667
Accumulated deficit	(200,185)	(129,528)
Accumulated other comprehensive income	186	168
Total stockholders' equity	332,347	301,310
Total liabilities and stockholders' equity	$ 361,692	$ 312,934

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).