Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 133,344	$ 124,220
Other receivables	132	177
Prepaid expenses and other current assets	8,736	8,435
Total current assets	142,212	132,832
Property and equipment, net	2,686	3,733
Operating right-of-use asset	4,555	5,535
Other non-current assets	4,769	4,378
Total assets	154,222	146,478
Current liabilities:
Accounts payable	9,800	5,944
Accrued expenses	15,773	25,529
Current portion of operating lease liability	2,491	2,326
Total current liabilities	28,064	33,799
Long-term debt, net	176,285	100,559
Non-current portion of operating lease liability	2,850	4,127
Total liabilities	207,199	138,485
Commitments and contingencies (Note 7)
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued or outstanding as of June 30, 2026 and December 31, 2025.	0	0
Common stock, $0.0001 par value; 120,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 14,708,910 shares issued and outstanding as of June 30, 2026 and 14,577,609 shares issued and outstanding as of December 31, 2025.	1	1
Additional paid-in-capital	263,300	254,179
Accumulated deficit	(316,278)	(246,187)
Total stockholders’ equity (deficit)	(52,977)	7,993
Total liabilities and stockholders’ equity (deficit)	$ 154,222	$ 146,478

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).