Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 196,554	$ 319,742
Short-term investments	115,825	31,024
Restricted cash		90
Prepaid expenses and other current assets	5,428	5,067
Total current assets	317,807	355,923
Property and equipment, net	72	185
Operating lease right-of-use assets, net	1,204	1,004
Long-term investments	1,835
Other non-current assets	12,848	12,856
Total assets	333,766	369,968
Current liabilities:
Accounts payable	20,018	17,136
Accrued expenses	28,206	39,371
Operating lease liabilities, current	908	785
Total current liabilities	49,132	57,292
Operating lease liabilities, non-current	317	218
Total liabilities	49,449	57,510
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, par value $0.0001 per share; 25,000,000 shares authorized and no shares issued and outstanding as of March 31, 2025 and December 31, 2024
Common stock, par value $0.0001 per share; 175,000,000 shares authorized; 41,821,887 and 41,793,412 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	4	4
Additional paid-in capital	705,136	699,651
Accumulated other comprehensive income	141	194
Accumulated deficit	(420,964)	(387,391)
Total stockholders' equity	284,317	312,458
Total liabilities and stockholders' equity	$ 333,766	$ 369,968

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).