Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 19,703	$ 22,563
Investment securities	196,573	222,914
Prepaid expenses and other current assets	3,518	2,563
Total current assets	219,794	248,040
Property and equipment, net	1,258	1,410
Right-of-use asset, related party	1,834	2,216
Other assets	0	427
Total assets	222,886	252,093
Current liabilities:
Accounts payable	1,013	2,186
Accrued expenses and other current liabilities (including related party amounts of $844 and $800 respectively)	7,734	6,276
Total current liabilities	8,747	8,462
Operating lease liability, net, related party	1,102	1,534
Total liabilities	9,849	9,996
Commitments and contingencies (See Note 8)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2025 and December 31, 2024; 56,948,126 and 56,754,341 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	6	6
Additional paid-in capital	476,738	468,830
Accumulated deficit	(264,012)	(227,214)
Accumulated other comprehensive income	305	475
Total stockholders' equity	213,037	242,097
Total liabilities and stockholders' equity	$ 222,886	$ 252,093