v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (75,268) $ (61,688)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 12,066 3,708
Non-cash operating lease expense 1,962 1,962
Amortization of discount on marketable securities (3,052) (3,001)
Non-cash expense related to IPR&D acquisition 0 8,639
Depreciation expense 647 668
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,082) (2,760)
Accounts payable (417) 467
Accrued expenses and other current liabilities 1,975 1,080
Operating lease liability (2,128) (1,897)
Other assets 0 35
Net cash used in operating activities (66,297) (52,787)
Cash flows from investing activities:    
Purchases of property and equipment (377) (27)
Purchases of marketable securities (325,025) (182,841)
Maturities of marketable securities 206,653 55,955
Net cash used in investing activities (118,749) (126,913)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriter discounts, commissions and offering costs paid during the period 202,071 0
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs 0 181,328
Payment of deferred offering costs 0 (2,502)
Exercise of common stock options 3,639 141
Net cash provided by financing activities 205,710 178,967
Net increase (decrease) in cash, cash equivalents and restricted cash 20,664 (733)
Cash, cash equivalents and restricted cash at beginning of period 38,750 39,483
Cash, cash equivalents and restricted cash at end of period 59,414 38,750
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock into common stock upon closing of initial public offering 330,368 0
Offering costs transferred to additional paid in capital 4,265 0
Deferred offering costs in accrued expenses 0 492
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 58,451 37,788
Restricted cash 963 962
Total cash, cash equivalents, and restricted cash $ 59,414 $ 38,750