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Statement of Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 120,722 $ 238,196
Marketable securities 270,367 112,727
Accounts receivable 10,356 171
Prepaid expenses and other current assets 9,519 5,730
Total current assets 410,964 356,824
Marketable securities, non-current 157,569 69,866
Property and equipment, net 4,434 5,090
Operating lease right-of-use assets 21,499 23,602
Restricted cash 905 905
Other non-current assets 816 267
Total assets 596,187 456,554
Current liabilities:    
Accounts payable 10,283 3,200
Accrued expenses and other current liabilities 12,167 7,798
Deferred revenue, current 62,269 0
Operating lease liabilities, current 2,212 1,851
Total current liabilities 86,931 12,849
Deferred revenue, non-current 105,917 0
Operating lease liabilities, non-current 21,413 23,625
Other non-current liabilities 0 33
Total liabilities 214,261 36,507
Commitments and contingencies (Note 7)
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued and outstanding as of December 31, 2025 and December 31, 2024
Common stock, $0.001 par value per share, 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 44,806,272 and 44,422,505 shares issued and outstanding at December 31, 2025 and December 31, 2024 respectively; 131,224 and 576,829 shares subject to repurchase as of December 31, 2025 and December 31, 2024, respectively 45 44
Additional paid-in capital 548,517 538,321
Accumulated other comprehensive income 617 56
Accumulated deficit (167,253) (118,374)
Total stockholders' equity 381,926 420,047
Total liabilities and stockholders' equity $ 596,187 $ 456,554