Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 238,554	$ 104,862
Restricted cash	321	325
Short-term investments	0	307,487
Prepaid expenses and other current assets	7,591	11,076
Total current assets	246,466	423,750
Non-current assets:
Property and equipment, net	810	254
Operating lease right-of-use assets	5,420	7,144
Goodwill	1,999	1,864
Other assets	7,034	2,548
Total assets	261,729	435,560
Current liabilities:
Accounts payable	22,245	4,636
Accrued liabilities	27,042	19,554
Accrued compensation	10,965	11,977
Operating lease liabilities, current portion	2,720	3,765
Other current liabilities	1,956	1,797
Total current liabilities	64,928	41,729
Non-current liabilities:
Operating lease liabilities, net of current portion	2,708	3,453
Other non-current liabilities	1,830	1,630
Total liabilities	69,466	46,812
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at September 30, 2025 and December 31, 2024, respectively	0	0
Common stock, $0.01 par value: 1,000,000,000 shares authorized; 744,442,533 and 737,626,004 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	7,444	7,376
Additional paid-in capital	2,262,515	1,598,230
Accumulated other comprehensive loss	(2,709)	(2,285)
Accumulated deficit	(2,074,987)	(1,214,573)
Total stockholders' equity	192,263	388,748
Total liabilities and stockholders' equity	$ 261,729	$ 435,560

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).