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Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 188,888,000 $ 354,349,000
Marketable securities, current 92,210,000 0
Accounts receivable 769,000 0
Prepaid expenses and other current assets 4,926,000 2,754,000
Total current assets 286,793,000 357,103,000
Investments 100,000 100,000
Marketable securities 4,032,000 0
Property and equipment, net 963,000 591,000
Operating lease right-of-use assets 2,785,000 200,000
Other assets 216,000 240,000
Total assets 294,889,000 358,234,000
Current Liabilities:    
Accounts payable 2,674,000 1,996,000
Accrued expenses and other current liabilities 8,480,000 11,751,000
Current portion of term loan 2,648,000 6,000,000
Operating lease liabilities, current 582,000 202,000
Deferred revenue, current 5,754,000 7,826,000
Total current liabilities 20,138,000 27,775,000
Deferred revenue 0 4,674,000
Term loan 0 2,502,000
Warrant liability 370,000 156,000
Operating lease liabilities 2,330,000 0
Total liabilities 22,838,000 35,107,000
Commitments and Contingencies (Note 8)
Stockholders' Equity    
Preferred stock, $0.00001 par value; 10,000,000 shares authorized as of December 31, 2025 and December 31,2024; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 0 0
Common stock, $0.00001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 37,386,908 and 35,850,037 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 0 0
Additional paid-in-capital 605,189,000 575,693,000
Accumulated other comprehensive income 278,000 245,000
Accumulated deficit (333,416,000) (252,811,000)
Total stockholders' equity 272,051,000 323,127,000
Total liabilities and stockholders' equity $ 294,889,000 $ 358,234,000