Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 52,658	$ 373,687
Short-term marketable securities	199,617	51,773
Receivables from related parties	146	386
Prepaid expense and other current assets	14,081	6,550
Total current assets	266,502	432,396
Long-term marketable securities	136,617	0
Property and equipment, net	938	956
Operating lease right-of-use asset	2,218	2,330
Other non-current assets	11,239	12,567
Restricted cash	132	132
Total assets	417,646	448,381
Current liabilities
Accounts payable	12,090	1,374
Accrued compensation and benefits	2,018	5,746
Accrued research and development liabilities	25,920	25,951
Accrued professional services	1,433	674
Payables to related parties	716	534
Operating lease liability, current	538	522
Other accrued liabilities	545	240
Total current liabilities	43,260	35,041
Operating lease liability, noncurrent	2,106	2,244
Total liabilities	45,366	37,285
Commitments and contingencies (Note 7)
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 80,088,931 and 79,991,768 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	8	8
Additional paid-in capital	771,926	767,639
Accumulated deficit	(398,673)	(356,567)
Accumulated other comprehensive income	(981)	16
Total stockholders' equity	372,280	411,096
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	417,646	448,381
Redeemable convertible preferred stock
Stockholders' equity (deficit):
Preference stock, value	0	0
Preferred Stock
Stockholders' equity (deficit):
Preference stock, value	$ 0	$ 0