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Condensed Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 12,770 $ 16,856
Investment securities 210,053 202,989
Prepaid expenses and other current assets 4,226 3,939
Total current assets 227,049 223,784
Property and equipment, net 824 981
Right-of-use asset 2,569 1,438
Total assets 230,442 226,203
Current liabilities:    
Accounts payable 2,276 2,312
Accrued expenses and other current liabilities (including related party amounts of $890 as of December 31, 2025) 7,914 10,743
Total current liabilities 10,190 13,055
Operating lease liability 2,198 645
Total liabilities 12,388 13,700
Commitments and contingencies (See Note 8)
Stockholders' equity:    
Common stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2026 and December 31, 2025; 62,441,429 and 60,398,051 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 6 6
Additional paid-in capital 532,958 509,100
Accumulated deficit (314,642) (297,006)
Accumulated other comprehensive income (268) 403
Total stockholders' equity 218,054 212,503
Total liabilities and stockholders' equity $ 230,442 $ 226,203