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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 95,502 $ 128,574
Prepaid expenses and other current assets 2,207 7,958
Total current assets 97,709 136,532
Property and equipment, net 20,646 21,001
Total assets 118,355 157,533
Current liabilities:    
Accounts payable and other accrued expenses 41,647 7,654
Accrued development expense 364 2,440
Accrued compensation and benefits 1,625 1,357
Other current liabilities 198 299
Total current liabilities 43,834 11,750
Other non-current liabilities 118 79
Total liabilities 43,952 11,829
Commitments and contingencies (Notes 10, 11 and 12)
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding 0 0
Common stock, $0.001 par value; 120,000,000 shares authorized; 48,307,896 and 48,203,179 shares issued and outstanding at December 31, 2025 and 2024, respectively 48 48
Additional paid-in capital 570,439 550,767
Accumulated deficit (496,084) (405,111)
Total stockholders' equity 74,403 145,704
Total liabilities and stockholders' equity $ 118,355 $ 157,533