BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 45,669	$ 59,406
Short-term investments	235,819	196,554
Prepaid expenses and other current assets	6,978	6,290
Total current assets	288,466	262,250
Long-term investments	110,762	0
Property and equipment, net	2,415	2,924
Other assets	7,247	8,968
Total assets	408,890	274,142
Current liabilities:
Accounts payable	3,824	1,548
Accrued liabilities	16,593	23,298
Total current liabilities	20,417	24,846
Other long-term liabilities	4,111	6,174
Total liabilities	24,528	31,020
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 98,528,949 and 71,021,855 shares issued and outstanding at December 31, 2025 and 2024, respectively	11	7
Additional paid-in capital	1,075,807	805,510
Accumulated deficit	(692,242)	(562,774)
Accumulated other comprehensive income	786	379
Total stockholders' equity	384,362	243,122
Total liabilities and stockholders' equity	$ 408,890	$ 274,142