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 $ (59,851) $ (73,897)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,054 5,557
Non-cash operating lease expense 201 220
Accretion of discounts on marketable securities, net (2,274) (757)
Depreciation and amortization expense 97 0
In-process research and development, related party 0 51,659
Unrealized foreign currency transaction (gain) loss 18 (42)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (816) 1,942
Other long-term assets (1,514) (200)
Accounts payable 1,564 (963)
Accounts payable and accrued liabilities, related party 0 (177)
Accrued expenses and other current liabilities 372 1,445
Operating lease liabilities (207) (327)
Long-term liabilities 0 (22)
Net cash used in operating activities (54,356) (15,562)
Cash flows from investing activities:    
Purchases of property and equipment (186) 0
Purchase of marketable securities (108,078) (132,197)
Maturities of marketable securities 111,097 20,750
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 2,833 (121,092)
Cash flows from financing activities:    
Proceeds from exercise of stock options 65 10,979
Pre-funded warrant issuance costs (86) 0
Proceeds from issuance of common stock in private placement, net of issuance costs 0 119,750
Net cash provided by (used in) financing activities (21) 130,729
Effect of exchange rate changes on cash and cash equivalents 0 42
Net change in cash and cash equivalents (51,544) (5,883)
Cash and cash equivalents at beginning of period 87,229 93,112
Cash and cash equivalents at end of period 35,685 87,229
Supplemental disclosure of non-cash investing and financing activities:    
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