CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 171,673	$ 489,711
Prepaid expenses and other assets	7,205	12,822
Short term investments	118,494	0
Total current assets	297,372	502,533
Property and equipment, net	135	155
Right of use asset – operating lease	1,969	690
Long term investments	117,417	0
Other assets	7,795	6,618
Total assets	424,688	509,996
Current liabilities:
Operating lease liability – current portion	1,095	607
Total current liabilities	21,028	17,990
Operating lease liability – net of current portion	880	131
Total liabilities	21,908	18,121
Commitments and Contingencies
Stockholders' equity:
Preferred stock $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 500,000,000 and 500,000,000 shares authorized; 54,612,477 and 54,444,180 shares issued and 54,612,477 and 54,440,013 shares outstanding as of September 30, 2025 and December 31, 2024, respectively	7	7
Additional paid-in capital	724,489	712,884
Accumulated other comprehensive loss	(136)	0
Accumulated deficit	(321,580)	(221,016)
Total stockholders' equity	402,780	491,875
Total liabilities and stockholders’ equity	424,688	509,996
Nonrelated Party
Current liabilities:
Accounts payable	3,003	3,893
Accrued expenses and other current liabilities	14,986	12,875
Related Party
Current liabilities:
Accounts payable	659	615
Accrued expenses and other current liabilities	$ 1,285	$ 0