Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 27,768	$ 52,334
Accounts receivable, net	149	0
Short-term investments	943,145	914,233
Prepaid expenses and other current assets	12,275	9,320
Total current assets	983,337	975,887
Restricted cash	816	816
Property and equipment, net	3,260	3,852
Operating lease right-of-use assets	17,327	18,402
Other long-term assets	2,913	2,608
Total assets	1,007,653	1,001,565
Current liabilities:
Accounts payable	3,017	4,971
Accrued expenses	19,513	17,633
Current portion of deferred revenue	35,070	0
Current portion of operating lease liabilities	2,552	2,393
Total current liabilities	60,152	24,997
Deferred revenue, net of current portion	1,079	0
Operating lease liabilities, net of current portion	18,438	19,746
Total liabilities	79,669	44,743
Commitments and contingencies (Note 3)
Stockholders' equity:
Preferred stock, $0.001 par value; authorized shares - 10,000,000 at June 30, 2026 and December 31, 2025 respectively; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; authorized shares - 200,000,000 at June 30, 2026 and December 31, 2025; issued and outstanding shares - 61,077,980 and 60,384,283 at June 30, 2026 and December 31, 2025, respectively	61	60
Additional paid-in capital	1,327,943	1,303,828
Accumulated other comprehensive income (loss)	(2,305)	4,316
Accumulated deficit	(397,715)	(351,382)
Total stockholders' equity	927,984	956,822
Total liabilities and stockholders' equity	$ 1,007,653	$ 1,001,565

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).