CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 78,640	$ 88,332
Short-term investments	255,898	289,564
Prepaid expenses and other current assets	7,436	8,860
Total current assets	341,974	386,756
Property and equipment, net	263	421
Operating lease right-of-use assets	2,233	2,630
Other assets	297	297
Long-term investments	19,020	58,270
Total assets	363,787	448,374
Current liabilities:
Accounts payable	3,725	841
Accrued expenses and other current liabilities	36,237	36,120
Operating lease liabilities, current	666	780
Total current liabilities	40,628	37,741
Long-term liabilities:
Operating lease liabilities, net of current portion	1,405	1,903
Total liabilities	42,033	39,644
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 204,209 and 555,935 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 64,345,770 and 60,244,136 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	6	6
Additional paid-in capital	1,013,366	995,823
Accumulated other comprehensive income (loss)	(134)	1,020
Accumulated deficit	(691,484)	(588,119)
Total stockholders' equity	321,754	408,730
Total liabilities and stockholders' equity	$ 363,787	$ 448,374

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).