Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 186,567	$ 152,596
Other receivables	730	41
Prepaid expenses and other current assets	6,430	7,382
Total current assets	193,964	160,398
Property and equipment, net	4,885	6,200
Operating right-of-use asset	6,460	7,338
Other non-current assets	6,809	6,831
Total assets	212,118	180,767
Current liabilities:
Accounts payable	8,292	9,245
Accrued expenses	28,478	29,890
Current portion of operating lease liability	2,169	1,595
Total current liabilities	38,939	40,730
Long-term debt, net	99,279	0
Non-current portion of operating lease liability	5,341	6,453
Total liabilities	143,559	47,183
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued or outstanding as of June 30, 2025 and December 31, 2024.	0	0
Common stock, $0.0001 par value; 120,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 14,475,904 shares issued and outstanding as of June 30, 2025 and December 31, 2024.	1	1
Additional paid-in-capital	246,655	239,715
Accumulated deficit	(178,097)	(106,132)
Total stockholders’ equity	68,559	133,584
Total liabilities and stockholders’ equity	212,118	180,767
Accounts receivable
Current assets:
Accounts receivable	237	356
Receivables from related parties
Current assets:
Accounts receivable	$ 0	$ 23