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 Income (Loss) $ (85,796) $ (65,777)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 35 68
Loss on disposal of property and equipment 107  
Net amortization of premiums and accretion of discounts on investments (1,317)  
Stock-based compensation expense 11,431 2,483
Change in fair value of convertible notes   846
Non-cash lease expense 446 298
Prepaid expenses and other assets 802 (1,315)
Accounts payable (9,205) 2,927
Accrued expenses 5,149 10,184
Operating lease liabilities (446) (305)
Other current liabilities   530
Net cash used in operating activities (78,794) (50,061)
Cash flows from investing activities:    
Purchases of property and equipment (18) (57)
Purchases of investments (225,667)  
Proceeds from sales and maturities of investments 27,120  
Net cash used in investing activities (198,565) (57)
Cash flows from financing activities:    
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs   178,381
Payment of initial public offering costs   (1,422)
Proceeds from exercise of stock options 1,821 166
Net cash provided by financing activities 1,821 177,125
Effect of exchange rate changes on cash, cash equivalents and restricted cash (288) 68
Net (decrease) increase in cash, cash equivalents and restricted cash (275,826) 127,075
Cash, cash equivalents and restricted cash at beginning of period 319,832 56,943
Cash, cash equivalents and restricted cash at end of period 44,006 184,018
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained under operating lease arrangements $ 445  
Conversion of BMS Note into Series C convertible preferred stock   21,146
Deferred offering costs in accounts payable and accrued expenses   $ 2,268