Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 71,633	$ 46,729
Short-term investments	233,092	258,374
Prepaid expenses and other current assets	14,063	19,567
Total current assets	318,788	324,670
Property and equipment, net	828	1,095
Long-term investments	46,616	147,993
Restricted cash	207	207
Right of use asset	1,668	5,488
Other assets	241	59
Total assets	368,348	479,512
Current liabilities:
Accounts payable	2,052	3,289
Accrued expenses	16,010	12,049
Lease liability - current	1,232	891
Total current liabilities	19,294	16,229
Lease liability - noncurrent	755	4,911
Total liabilities	20,049	21,140
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value per share; 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 45,436,867 and 44,024,088 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	5	5
Additional paid-in-capital	830,618	819,115
Accumulated other comprehensive loss	(944)	(228)
Accumulated deficit	(481,380)	(360,520)
Total stockholders' equity	348,299	458,372
Total liabilities and stockholders' equity	$ 368,348	$ 479,512

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).