v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (29,447) $ (56,586)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,035 977
Non-cash operating lease expense 88 178
Accretion of discounts on marketable securities, net (1,240) (63)
Depreciation and amortization expense 38 0
In-process research and development, related party 0 51,659
Unrealized foreign currency transaction loss 24 9
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,272 2,425
Other long-term assets (1,352) 15
Accounts payable 165 (1,160)
Accrued expenses and other current liabilities 944 326
Operating lease liabilities (109) (249)
Long-term liabilities 0 (22)
Net cash used in operating activities (26,582) (2,486)
Cash flow from investing activities:    
Purchases of property and equipment (77) 0
Purchases of marketable securities (79,370) 0
Maturities of marketable securities 41,482 13,751
Issuance of promissory loan in connection with asset acquisition 0 (5,000)
Cash paid in connection with asset acquisition, net of cash received 0 (4,645)
Net cash provided by (used in) investing activities (37,965) 4,106
Cash flows from financing activities    
Proceeds from exercise of stock options 0 8,667
Proceeds from issuance of common stock in private placement, net of issuance costs 0 119,750
Net cash provided by financing activities 0 128,417
Effect of exchange rate changes on cash and cash equivalents 0 (9)
Net change in cash and cash equivalents (64,547) 130,028
Cash and cash equivalents at beginning of period 87,229 93,112
Cash and cash equivalents at end of period 22,682 223,140
Supplemental disclosure of cash flow information:    
Operating lease liabilities arising from obtaining right-of-use assets 216 0
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 76 0
Issuance of common stock in exchange for in-process research and development 0 41,867
Settlement of promissory loan in connection with asset acquisition 0 5,036
Related Party [Member]    
Changes in operating assets and liabilities:    
Accounts payable and accrued liabilities, related party $ 0 $ 5