Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 54,302	$ 18,914
Marketable securities	264,568	169,346
Prepaid expenses	4,263	1,263
Other current assets	2,572	2,133
Total current assets	325,705	191,656
Operating lease right-of-use assets	542	677
Property, equipment and leasehold improvements, net	336	178
Other non-current assets	3,935	928
Total assets	330,518	193,439
Current liabilities:
Accounts payable	3,098	3,911
Accrued expenses	5,309	5,531
Operating lease liabilities	329	307
Total current liabilities	8,736	9,749
Operating lease liabilities	276	446
Total liabilities	9,012	10,195
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock: $0.001 par value; 5,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025.
Common stock: $0.001 par value; 400,000,000 and 200,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; and 142,420,883 and 128,306,056 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.	142	128
Additional paid-in capital	682,582	512,772
Accumulated other comprehensive (loss) income	(425)	148
Accumulated deficit	(360,793)	(329,804)
Total stockholders’ equity	321,506	183,244
Total liabilities and stockholders’ equity	$ 330,518	$ 193,439

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).