CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 154,682	$ 45,540
Short-term investments	218,437	267,281
Prepaid expenses and other current assets	21,054	20,076
Total current assets	394,173	332,897
Right of use assets - operating leases	370	13
Deferred offering costs	41	69
Other assets	134	190
Total assets	394,718	333,169
Current liabilities:
Accounts payable	2,217	5,934
Accrued expenses	25,309	19,997
Operating lease liabilities	318	14
Total current liabilities	27,844	25,945
Operating lease liabilities, net of current amount	33
Total liabilities	27,877	25,945
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding
Common stock $0.0001 par value, 200,000,000 shares authorized; 48,319,591 and 42,452,251 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	5	4
Additional paid-in capital	864,957	711,847
Accumulated deficit	(497,854)	(404,641)
Accumulated other comprehensive income (loss)	(267)	14
Total stockholders' equity	366,841	307,224
Total liabilities and stockholders' equity	$ 394,718	$ 333,169

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
Period Type:	instant

- 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).