CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 33,211	$ 61,148
Marketable securities, available for sale	466,351	468,961
Prepaid expenses and other assets	10,230	13,276
Total current assets	509,792	543,385
Property and equipment, net	7,396	7,831
Operating lease right-of-use asset	1,334	1,387
Total assets	518,522	552,603
Current liabilities
Accounts payable	7,293	6,006
Accrued compensation	5,678	12,430
Accrued other expenses	8,555	7,920
Operating lease liability, current portion	1,017	1,014
Total current liabilities	22,543	27,370
Operating lease liability, net of current portion	2,776	2,976
Total liabilities	25,319	30,346
Commitments and contingencies (see note 5)
Stockholders' equity:
Preferred stock, $.0001 par value per share; 200,000,000 shares authorized and no shares issued or outstanding as of March 31, 2026 and December 31, 2025
Common stock, $.0001 par value per share; 1,000,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 107,481,522 shares and 106,249,579 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	10	10
Additional paid-in capital	1,088,829	1,067,941
Accumulated other comprehensive income (loss)	(252)	677
Accumulated deficit	(595,384)	(546,371)
Total stockholders' equity	493,203	522,257
Total liabilities and stockholders' equity	$ 518,522	$ 552,603

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).