Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 109,517	$ 64,039
Restricted cash, current portion	1,346	0
Prepaid expenses and other current assets	3,232	2,344
Total current assets	114,095	66,383
Restricted cash, net of current portion	894	1,624
Property and equipment, net	2,339	3,858
Operating lease right-of-use assets	397	6,015
Other assets	83	427
Total assets	117,808	78,307
Current liabilities:
Accounts payable	182	1,210
Accrued expenses and other current liabilities	5,632	4,833
Current portion of deferred revenue	9,387	385
Operating lease liabilities, current portion	286	2,994
Other current liabilities	27	176
Total current liabilities	15,514	9,598
Deferred revenue, net of current portion	8,113	0
Operating lease liabilities, net of current portion	1,688	5,493
Derivative tranche liability	44,760	0
Other liabilities	29	72
Total liabilities	70,104	15,163
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value per share; 175,000,000 shares authorized as of December 31, 2025 and 2024; 51,902,614 issued and outstanding as of December 31, 2025; 20,161,073 and 20,145,129 shares issued and outstanding as of and December 31, 2024, respectively	6	2
Additional paid-in capital	339,854	274,895
Accumulated deficit	(292,156)	(211,753)
Total stockholders’ equity	47,704	63,144
Total liabilities and stockholders’ equity	$ 117,808	$ 78,307