Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 43,173	$ 98,054
Short-term marketable securities	50,365	19,928
Deferred transaction costs	514	0
Prepaid expenses and other current assets	1,869	827
Total current assets	95,921	118,809
Operating lease right-of-use assets	1,389	1,475
Restricted cash	500	499
Other non-current assets	1,729	953
Total assets	99,539	121,736
Current liabilities:
Accounts payable	1,124	1,281
Accrued expenses and other current liabilities (including $40 and $67 due to a related party)	7,267	8,117
Operating lease liabilities, current	347	316
Total current liabilities	8,738	9,714
Royalty obligation - related party	32,076	32,076
Operating lease liabilities, long-term	1,053	1,132
Total liabilities	41,867	42,922
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 and $0.0001 par value as of June 30, 2026 and December 31, 2025, respectively; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 23,804,981 and 22,902,418 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	240,113	238,805
Accumulated other comprehensive income (loss)	(73)	6
Accumulated deficit	(182,370)	(159,999)
Total stockholders' equity	57,672	78,814
Total liabilities and stockholders' equity	$ 99,539	$ 121,736