CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 41,886	$ 169,735
Marketable securities	127,061	61,320
Prepaid expenses and other current assets	3,912	4,181
Total current assets	172,859	235,236
Property and equipment, net	970	1,367
Operating lease right-of-use assets	2,308	3,333
Other assets	2,273	389
Total assets	178,410	240,325
Current liabilities:
Accounts payable	4,189	1,275
Accrued expenses	6,583	9,597
License fees payable		35,000
Operating lease liabilities, current	2,205	2,422
Other current liabilities	66	57
Total current liabilities	13,043	48,351
Operating lease liabilities, non-current	959	2,070
Total liabilities	14,002	50,421
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	13	13
Additional paid-in capital	813,734	804,388
Accumulated other comprehensive income	16	50
Accumulated deficit	(649,355)	(614,547)
Total stockholders' equity	164,408	189,904
Total liabilities and stockholders' equity	$ 178,410	$ 240,325