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CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 90,419 $ 54,192
Investments 0 23,873
Prepaid expenses and other current assets 3,334 4,410
Total current assets 93,753 82,475
Property and equipment, net 5,353 6,114
Investment in related party 1,000 1,000
Other assets 2,015 1,437
Total assets 102,121 91,026
Current liabilities:    
Accounts payable 1,253 2,101
Accrued expenses and other current liabilities 2,996 4,951
Total current liabilities 4,249 7,052
Non-current operating lease liabilities 2,037 1,584
Total liabilities 6,286 8,636
Commitments and contingencies (Note 5)
Stockholders’ equity:    
Common stock, $0.0001 par value: 300,000,000 shares authorized; 75,581,787 shares issued and outstanding at March 31, 2026 and 63,279,843 shares issued and outstanding at December 31, 2025 7 7
Additional paid-in capital 541,124 512,906
Accumulated other comprehensive income 0 6
Accumulated deficit (445,296) (430,529)
Total stockholders’ equity 95,835 82,390
Total liabilities and stockholders’ equity $ 102,121 $ 91,026