Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 56,869	$ 34,097
Marketable securities	138,058	73,525
Prepaid expenses	1,375	939
Other current assets	1,997	867
Total current assets	198,299	109,428
Operating lease right-of-use assets	741	915
Property, equipment and leasehold improvements, net	213	157
Other non-current assets	103	243
Finance lease right-of-use assets	0	157
Total assets	199,356	110,900
Current liabilities:
Accounts payable	2,709	3,414
Accrued expenses	6,036	6,810
Operating lease liabilities	296	254
Finance lease liabilities	0	31
Total current liabilities	9,041	10,509
Operating lease liabilities	527	747
Total liabilities	9,568	11,256
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock: $0.001 par value; 5,000,000 shares authorized at September 30, 2025 and December 31, 2024: no shares issued or outstanding at september 30, 2025 and December 31, 2024.
Common stock: $0.001 par value: 200,000,00 shares authorized at September 30, 2025 and December 31, 2024; and 128,215,113 and 93,602,631 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively.	128	94
Additional paid-in capital	511,118	386,534
Accumulated other comprehensive income	30	61
Accumulated deficit	(321,488)	(287,045)
Total stockholders’ equity	189,788	99,644
Total liabilities and stockholders’ equity	$ 199,356	$ 110,900

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).