Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 225,266	$ 104,862
Restricted cash	316	325
Short-term investments	488,182	307,487
Prepaid expenses and other current assets	6,537	11,076
Total current assets	720,301	423,750
Non-current assets:
Property and equipment, net	1,059	254
Operating lease right-of-use assets	20,616	7,144
Goodwill	2,001	1,864
Other assets	7,205	2,548
Total assets	751,182	435,560
Current liabilities:
Accounts payable	20,292	4,636
Accrued liabilities	32,100	19,554
Accrued compensation	14,925	11,977
Operating lease liabilities, current portion	3,388	3,765
Other current liabilities	2,283	1,797
Total current liabilities	72,988	41,729
Non-current liabilities:
Operating lease liabilities, net of current portion	17,502	3,453
Other non-current liabilities	1,832	1,630
Total liabilities	92,322	46,812
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024, respectively	0	0
Common stock, $0.01 par value: 1,000,000,000 shares authorized; 775,371,200 and 737,626,004 shares issued and outstanding at December 31, 2025 and 2024, respectively	7,754	7,376
Additional paid-in capital	2,947,805	1,598,230
Accumulated other comprehensive loss	(2,540)	(2,285)
Accumulated deficit	(2,294,159)	(1,214,573)
Total stockholders' equity	658,860	388,748
Total liabilities and stockholders' equity	$ 751,182	$ 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).