Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 320,676	$ 250,173
Marketable securities	44,960	45,040
Prepaid expenses and other current assets	23,438	13,219
Total current assets	389,074	308,432
Operating lease right-of-use assets, net	2,101	2,151
Property and equipment, net	1,531	1,581
Restricted cash	776	770
Total assets	393,482	312,934
Current liabilities
Accounts payable	7,119	2,127
Accrued expenses	3,057	4,585
Operating lease liabilities, current	730	730
Total current liabilities	10,906	7,442
Derivative liability - warrants	1,143	1,343
Operating lease liabilities, noncurrent	2,740	2,839
Total liabilities	14,789	11,624
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 28,674,827 and 25,299,372 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	3	3
Additional paid-in capital	527,064	430,667
Accumulated deficit	(148,582)	(129,528)
Accumulated other comprehensive income	208	168
Total stockholders' equity	378,693	301,310
Total liabilities and stockholders' equity	$ 393,482	$ 312,934

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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Balance Type:	credit
Period Type:	instant

- 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).