Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 117,058	$ 34,097
Marketable securities	86,827	73,525
Prepaid expenses	1,766	939
Other current assets	1,577	867
Total current assets	207,228	109,428
Operating lease right-of-use assets	804	915
Property, equipment and leasehold improvements, net	239	157
Other non-current assets	68	243
Finance lease right-of-use assets	0	157
Total assets	208,339	110,900
Current liabilities:
Accounts payable	2,974	3,414
Accrued expenses	5,981	6,810
Operating lease liabilities	286	254
Finance lease liabilities	0	31
Total current liabilities	9,241	10,509
Operating lease liabilities	605	747
Total liabilities	9,846	11,256
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock: $0.001 par value; 5,000,000 shares authorized at June 30, 2025 and December 31, 2024; no shares issued or outstanding at June 30, 2025 and December 31, 2024.
Common stock: $0.001 par value; 200,000,000 shares authorized at June 30, 2025 and December 31, 2024; and 121,775,753 and 93,602,631 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively.	122	94
Additional paid-in capital	508,033	386,534
Accumulated other comprehensive income	24	61
Accumulated deficit	(309,686)	(287,045)
Total stockholders’ equity	198,493	99,644
Total liabilities and stockholders’ equity	$ 208,339	$ 110,900

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).