Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 114,645	$ 84,378
Short-term marketable securities	555,093	591,941
Prepaid expenses and other current assets	15,864	13,394
Total current assets	685,602	689,713
Restricted cash	805	805
Long-term marketable securities	322,131	405,832
Property and equipment, net	8,819	8,966
Right-of-use assets	23,913	18,775
Total assets	1,041,270	1,124,091
Current liabilities
Accounts payable	17,270	15,421
Accrued liabilities	37,750	30,352
Operating lease liabilities, current	318	298
Total current liabilities	55,338	46,071
Long-term operating lease liabilities	26,279	18,873
Total liabilities	81,617	64,944
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued and outstanding as of June 30, 2025 and December 31, 2024
Common stock, $0.0001 par value, 300,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 87,641,776 and 86,503,509 shares issued and outstanding as of June 30, 2025 and December 31, 2024	9	9
Additional paid-in capital	1,730,633	1,681,167
Accumulated other comprehensive income	1,521	812
Accumulated deficit	(772,510)	(622,841)
Total stockholders’ equity	959,653	1,059,147
Total liabilities and stockholders’ equity	$ 1,041,270	$ 1,124,091

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).