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 $ (162,337) $ (84,969)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 111 96
Stock-based compensation expense 22,793 12,894
Accretion of discount on investment securities (6,163) (6,018)
Amortization of right-of-use operating lease assets 317 316
Gain on investment in former related party (507) (148)
Changes in operating assets and liabilities:    
Receivable from former related party 807 (513)
Unbilled receivable from former related party 0 184
Accounts receivable, net (52) 0
Prepaid expenses and other current assets (235) (1,601)
Other assets 358 (8,163)
Accounts payable, accrued expenses and operating lease liabilities 11,277 8,191
Deferred revenue 4,571 2,387
Deferred revenue - former related party 0 (836)
Net cash used in operating activities (129,060) (78,180)
Cash flows from investing activities:    
Capital expenditures (213) (105)
Purchases of investment securities (435,013) (413,707)
Proceeds from sales and maturities of investment securities 312,393 127,000
Net cash used in investing activities (122,833) (286,812)
Cash flows from financing activities:    
Proceeds from public offering 272,268 0
Payment of issuance costs in connection with public offering (364) 0
Proceeds from exercise of stock options 7,903 1,090
Proceeds from issuance of common stock under employee stock purchase plan 317 0
Proceeds from exercise of pre-funded warrants 1 0
Proceeds from private placement 0 229,998
Payment of issuance costs in connection with the private placement 0 (14,665)
Proceeds from issuance of common stock pursuant to ATM offering, net of issuance costs 0 39,200
Net cash provided by financing activities 280,125 255,623
Increase/(decrease) in cash, cash equivalents and restricted cash 28,232 (109,369)
Cash, cash equivalents and restricted cash, beginning of period 23,022 132,391
Cash, cash equivalents and restricted cash, end of period 51,254 23,022
Supplemental Disclosure    
Cash and cash equivalents 51,087 22,792
Restricted cash 167 230
Total cash, cash equivalents and restricted cash 51,254 23,022
Cash paid for interest 0 0
Cash paid for taxes 0 0
Issuance costs in connection with public offering included in accrued expenses 40 0
Additions to right-of-use lease assets from new operating lease liabilities $ 101 $ 1,253