BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 54,192	$ 57,387
Investments	23,873	15,600
Prepaid expenses and other current assets	4,410	6,228
Total current assets	82,475	79,215
Property and equipment, net	6,114	9,812
Investment in related party	1,000	0
Other assets	1,437	2,022
Total assets	91,026	91,049
Current liabilities:
Accounts payable	2,101	2,419
Accrued expenses and other current liabilities	4,951	6,498
Total current liabilities	7,052	8,917
Non-current operating lease liabilities	1,584	2,506
Total liabilities	8,636	11,423
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value: 300,000,000 shares authorized, 63,279,843 shares issued and outstanding at December 31, 2025 and 47,714,708 shares issued and outstanding at December 31, 2024	7	5
Additional paid-in capital	512,906	461,339
Accumulated other comprehensive income	6	2
Accumulated deficit	(430,529)	(381,720)
Total stockholders’ equity	82,390	79,626
Total liabilities and stockholders’ equity	$ 91,026	$ 91,049