Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 84,378	$ 157,018
Short-term marketable securities	591,941	368,096
Accounts receivable	3	18
Prepaid expenses and other current assets	13,391	7,500
Total current assets	689,713	532,632
Restricted cash	805	757
Long-term marketable securities	405,832	107,492
Property and equipment, net	8,966	6,164
Right-of-use asset	18,775	2,246
Other non-current assets		25
Total assets	1,124,091	649,316
Current liabilities
Accounts payable	15,421	6,598
Accrued liabilities	30,352	18,756
Operating lease liabilities, current	298	1,747
Total current liabilities	46,071	27,101
Long-term operating lease liabilities	18,873	1,125
Total liabilities	64,944	28,226
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; no shares issued and outstanding as of December 31, 2024 and December 31, 2023
Common stock, $0.0001 par value, 300,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 86,503,509 and 65,039,369 shares issued and outstanding as of December 31, 2024 and December 31, 2023	9	7
Additional paid-in capital	1,681,167	968,885
Accumulated other comprehensive income	812	562
Accumulated deficit	(622,841)	(348,364)
Total stockholders’ equity	1,059,147	621,090
Total liabilities and stockholders’ equity	$ 1,124,091	$ 649,316

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).