Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 90,140	$ 33,218
Short-term marketable securities	85,295	150,236
Prepaid expenses and other current assets	7,788	11,850
Total current assets	183,223	195,304
Property and equipment, net	709	881
Operating lease right-of-use assets	2,270	2,838
Restricted cash	606	606
Other assets	542	596
Total assets	187,350	200,225
Current liabilities:
Accounts payable	11,100	2,424
Accrued expenses	32,865	20,872
Operating lease liabilities, current	1,151	1,060
Total current liabilities	45,116	24,356
Operating lease liabilities	3,196	4,057
Total liabilities	48,312	28,413
Commitments and contingencies (See Note 8)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued and outstanding as of September 30, 2025 and December 31, 2024
Common stock, $0.001 par value per share; 115,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 85,590,392 and 63,815,065 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	86	64
Additional paid-in capital	511,219	440,758
Accumulated deficit	(372,333)	(269,158)
Accumulated other comprehensive gain	66	148
Total stockholders’ equity	139,038	171,812
Total liabilities and stockholders’ equity	$ 187,350	$ 200,225

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).