Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 153,088	$ 152,596
Other receivables	727	41
Prepaid expenses and other current assets	7,498	7,382
Total current assets	161,423	160,398
Property and equipment, net	4,306	6,200
Operating right-of-use asset	6,004	7,338
Other non-current assets	5,738	6,831
Total assets	177,471	180,767
Current liabilities:
Accounts payable	6,773	9,245
Accrued expenses	26,963	29,890
Current portion of operating lease liability	2,247	1,595
Total current liabilities	35,983	40,730
Long-term debt, net	99,917	0
Non-current portion of operating lease liability	4,741	6,453
Total liabilities	140,641	47,183
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock, $0.0001 par value; 15,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued or outstanding as of September 30, 2025 and December 31, 2024.	0	0
Common stock, $0.0001 par value; 120,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 14,498,093 and 14,475,904 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.	1	1
Additional paid-in-capital	250,182	239,715
Accumulated deficit	(213,353)	(106,132)
Total stockholders’ equity	36,830	133,584
Total liabilities and stockholders’ equity	177,471	180,767
Accounts receivable
Current assets:
Accounts receivable	110	356
Receivables from related parties
Current assets:
Accounts receivable	$ 0	$ 23