CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 75,081	$ 88,332
Short-term investments	276,804	289,564
Prepaid expenses and other current assets	9,522	8,860
Total current assets	361,407	386,756
Property and equipment, net	342	421
Operating lease right-of-use assets	2,437	2,630
Other assets	297	297
Long-term investments	38,501	58,270
Total assets	402,984	448,374
Current liabilities:
Accounts payable	2,509	841
Accrued expenses and other current liabilities	31,920	36,120
Operating lease liabilities, current	725	780
Total current liabilities	35,154	37,741
Long-term liabilities:
Operating lease liabilities, net of current portion	1,658	1,903
Total liabilities	36,812	39,644
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 481,989 and 555,935 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 61,451,380 and 60,244,136 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	6	6
Additional paid-in capital	1,003,819	995,823
Accumulated other comprehensive income (loss)	127	1,020
Accumulated deficit	(637,780)	(588,119)
Total stockholders' equity	366,172	408,730
Total liabilities and stockholders' equity	$ 402,984	$ 448,374