CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 97,565	$ 94,851
Prepaid expenses	5,643	1,771
Other current assets	1,019	64
Total current assets	104,227	96,686
Total assets	104,227	96,686
Current liabilities
Accounts payable	6,041	3,157
Accrued liabilities	1,115	1,536
Total current liabilities	7,156	4,693
Total liabilities	7,156	4,693
Commitments and contingencies; see Note 5
Stockholders' equity
Preferred stock, undesignated, authorized 4,818,654 shares Series A Preferred stock, par value $0.0001, issued 5,181,346 shares; outstanding 210, as of December 31, 2025 and December 31, 2024	0	0
Common stock, par value $0.0001 per share; authorized 400,000,000 shares; issued and outstanding 9,314,130 as of December 31, 2025 and 3,420,906 as of December 31, 2024, respectively	1	0
Additional paid-in capital	464,524	406,848
Accumulated deficit	(367,454)	(314,855)
Total stockholders' equity	97,071	91,993
Total liabilities and stockholders' equity	$ 104,227	$ 96,686

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).