Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 52,334	$ 430,605
Short-term investments	914,233	594,568
Prepaid expenses and other current assets	9,320	8,493
Total current assets	975,887	1,033,666
Restricted cash	816	816
Property and equipment, net	3,852	4,864
Operating lease right-of-use assets	18,402	19,286
Other long-term assets	2,608	2,884
Total assets	1,001,565	1,061,516
Current liabilities:
Accounts payable	4,971	4,026
Accrued expenses	17,633	11,684
Current portion of operating lease liabilities	2,393	1,749
Total current liabilities	24,997	17,459
Operating lease liabilities, net of current portion	19,746	21,276
Total liabilities	44,743	38,735
Commitments and contingencies (Note 3)
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; authorized shares - 10,000,000 at December 31, 2025 and 2024, respectively; no shares issued and outstanding at December 31, 2025 and 2024
Common stock, $0.001 par value; authorized shares - 200,000,000 at December 31, 2025 and 2024, respectively; issued shares - 60,384,283 and 59,064,606 at December 31, 2025 and 2024, respectively; outstanding shares - 60,384,283 and 59,064,606 at December 31, 2025 and 2024, respectively	60	59
Additional paid-in capital	1,303,828	1,258,316
Accumulated other comprehensive income	4,316	2,163
Accumulated deficit	(351,382)	(237,757)
Total stockholders' equity	956,822	1,022,781
Total liabilities and stockholders' equity	$ 1,001,565	$ 1,061,516

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Balance Type:	credit
Period Type:	instant

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).