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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 25,179 $ 20,158
Marketable securities 267,168 188,872
Accounts receivable, net 329 0
Inventory 2,936 0
Prepaid expenses and other current assets 5,800 2,773
Restricted cash 0 114
Total current assets 301,412 211,917
Property and equipment, net 1,189 651
Operating lease right-of-use asset 734 1,338
Other assets 2,541 1,398
Total assets 305,876 215,304
Current liabilities:    
Accounts payable 4,167 4,257
Accrued liabilities 17,020 6,149
Total current liabilities 21,187 10,406
Operating lease liability, net 350 814
Total liabilities 21,537 11,220
Commitments and contingencies (Note 8)
Stockholders' equity:    
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issues and outstanding at December 31, 2025 and 2024 0 0
Common stock, par value of $0.00001 per share; 300,000,000 shares authorized at December 31, 2025 and 2024; 31,344,782 and 27,531,490 shares issued at December 31, 2025 and 2024, respectively; and 31,344,782 and 27,518,439 shares outstanding at December 31, 2025 and 2024, respectively 1 1
Additional paid-in capital 511,237 348,901
Accumulated deficit (227,141) (145,014)
Accumulated other comprehensive income 242 196
Total stockholders’ equity 284,339 204,084
Total liabilities and stockholders’ equity $ 305,876 $ 215,304