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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 78,056 $ 52,645
Accounts receivable 58 0
Short-term investments 398,726 437,894
Restricted cash 105 105
Prepaid expenses and other current assets 7,750 7,917
Total current assets 484,695 498,561
Property and equipment, net 2,518 2,976
Operating lease right of use asset, net 9,327 9,909
Other assets 1,057 985
Total assets 497,597 512,431
Current liabilities    
Accounts payable 6,561 4,190
Accrued expenses and other current liabilities 8,721 12,104
Operating lease liability 2,615 2,755
Total current liabilities 17,897 19,049
Operating lease liability, net of current portion 8,188 8,729
Total liabilities 26,085 27,778
Commitments and contingencies (Note 10)
Stockholders' equity    
Undesignated preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively;zero shares issued and outstanding at March 31,2026 and December 31, 2025 0 0
Common stock, $0.001 par value; 500,000,000 shares authorized at March 31, 2026 and December 31, 2025; 47,807,453 shares and 47,772,567 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 48 48
Additional paid-in capital 727,054 719,287
Accumulated other comprehensive income (loss) (505) 546
Accumulated deficit (255,085) (235,228)
Total stockholders' equity 471,512 484,653
Total liabilities and stockholders' equity $ 497,597 $ 512,431