Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 536,333	$ 357,329
Marketable securities	250,532	242,002
Prepaid expenses and other current assets	10,909	11,580
Total current assets	797,774	610,911
Long-term marketable securities	660,938	326,757
Property and equipment, net	170	147
Operating lease right-of-use assets	1,320	92
Total assets	1,460,202	937,907
Current liabilities:
Accounts payable	31,158	24,628
Accrued expenses	17,648	35,033
Operating lease liabilities	1,435	110
Total current liabilities	50,241	59,771
Total liabilities	50,241	59,771
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized; 27,859,514 shares issued and outstanding as of March 31, 2026, and 25,195,092 shares issued and outstanding as of December 31, 2025	15	15
Additional paid-in capital	2,644,109	2,017,566
Accumulated deficit	(1,232,569)	(1,140,008)
Accumulated other comprehensive (loss) gain	(1,594)	563
Total stockholders’ equity	1,409,961	878,136
Total liabilities and stockholders’ equity	$ 1,460,202	$ 937,907

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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Balance Type:	credit
Period Type:	instant

- 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).