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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 124,220 $ 152,596
Other receivables 177 197
Prepaid expenses and other current assets 8,435 7,382
Total current assets 132,832 160,398
Property and equipment, net 3,733 6,200
Operating right-of-use asset 5,535 7,338
Other non-current assets 4,378 6,831
Total assets 146,478 180,767
Current liabilities:    
Accounts payable 5,944 9,245
Accrued expenses 25,529 29,890
Current portion of operating lease liability 2,326 1,595
Total current liabilities 33,799 40,730
Long-term debt, including final payment fee 100,559 0
Non-current portion of operating lease liability 4,127 6,453
Total liabilities 138,485 47,183
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 15,000,000 shares authorized and no shares outstanding as of December 31, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value, 120,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 14,577,609 and 14,475,904 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 1 1
Additional paid-in-capital 254,179 239,715
Accumulated deficit (246,187) (106,132)
Total stockholders’ equity 7,993 133,584
Total liabilities and stockholders’ equity 146,478 180,767
Nonrelated Party    
Current assets:    
Accounts receivable 0 200
Related Party    
Current assets:    
Accounts receivable $ 0 $ 23