Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 51,796	$ 53,989
Marketable securities, short-term	76,602	62,876
Prepaid expenses and other current assets	4,696	5,387
Total current assets	133,094	122,252
Restricted cash	231	231
Other assets, long-term	304	350
Total assets	133,629	122,833
Current liabilities
Accounts payable	1,655	554
Accrued clinical trial expenses	8,183	10,616
Accrued expenses and other current liabilities	5,268	10,072
Debt, short-term	14,123	8,765
Total current liabilities	29,229	30,007
Debt, long-term	16,924	22,396
Total liabilities	46,153	52,403
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 72,227,580 and 60,575,369 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	7	6
Additional paid-in capital	554,647	516,803
Accumulated deficit	(467,199)	(446,462)
Accumulated other comprehensive income	21	83
Total stockholders’ equity	87,476	70,430
Total liabilities and stockholders’ equity	$ 133,629	$ 122,833