The Company considers all highly liquid instruments with an original maturity of three months or less at time of purchase to be cash equivalents. Cash equivalents, which include amounts invested in money market funds and government bonds, are stated at fair value.

Restricted cash as of June 30, 2026 relates to the letters of credit established for the Company’s office leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):


	June 30, 2026		December 31, 2025
Cash	$	13,492	$	2,013
Cash equivalents		185,778		160,038
Cash and cash equivalents		199,270		162,051
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	200,302	$	163,083

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2026			December 31, 2025
Leasehold improvements	$	17,255		$	17,262
Laboratory equipment		1,923			1,878
Furniture and fixtures		820			730
Computer equipment and software		101			92
Total property and equipment, gross		20,099			19,962
Less: accumulated depreciation		(10,424	)		(9,345	)
Total property and equipment, net	$	9,675		$	10,617

Accrued and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued research and development expenses	$	14,943	$	16,285
Accrued compensation		3,725		7,517
Accrued professional services		764		480
Other accrued and current liabilities		193		509
Total accrued and other current liabilities	$	19,625	$	24,791