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CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 223,125 $ 49,351
Marketable securities 168,548 212,798
Prepaid expenses and other current assets 5,829 5,137
Total current assets 397,502 267,286
Property and equipment, net 2,004 1,080
Right-of-use assets 520 119
Other assets 50 50
Total assets 400,076 268,535
Current liabilities:    
Accounts payable 3,768 5,335
Accrued expenses 8,140 5,545
Operating lease liability, current 154 171
Total current liabilities 12,062 11,051
Share repurchase liability 7 42
Operating lease liability, net of current 469 0
Total liabilities 12,538 11,093
Commitments and contingencies (Note 9)
Stockholders' equity (deficit)    
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized and zero issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized and 44,715,498 issued and outstanding as of September 30, 2025 and 500,000,000 shares authorized and 33,421,525 issued and outstanding as of December 31, 2024 6 5
Additional paid-in-capital 589,792 394,887
Accumulated deficit (202,414) (137,505)
Accumulated other comprehensive income 154 55
Total stockholders' equity 387,538 257,442
Total liabilities and stockholders' equity $ 400,076 $ 268,535