Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 101,273	$ 172,921
Investments	523,399	483,714
Prepaid and other current assets	3,322	4,751
Total current assets	627,994	661,386
Property and equipment, net	21	38
Other assets	2,108	382
Total assets	630,123	661,806
Current liabilities:
Accounts payable	738	2,017
Accrued liabilities	27,337	13,096
Senior secured term loan, current portion	25,000	0
Total current liabilities	53,075	15,113
Long-term liabilities:
Senior secured term loan, net of current portion	73,273	0
Total liabilities	126,348	15,113
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.0001 par value; 500,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 88,530,322 and 81,536,557 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	9	8
Additional paid-in capital	1,298,673	1,103,854
Accumulated deficit	(794,907)	(457,169)
Total stockholders’ equity	503,775	646,693
Total liabilities and stockholders’ equity	$ 630,123	$ 661,806

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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Data Type:	xbrli:monetaryItemType
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).