v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (111,483) $ (78,307)  
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 1,017 839  
Net (accretion) and amortization of investments in marketable securities (1,396) (3,211)  
Change in fair value of preferred stock tranche right liability 0 7,390  
Non-cash lease expense 2,032 642  
Stock-based compensation expense 18,855 10,235  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (3,597) (1,854)  
Other assets (791) 83  
Accounts payable 2,215 (346)  
Accrued expenses and other current liabilities 6,166 371  
Operating lease liabilities (491) (670)  
Net cash used in operating activities (87,473) (64,828)  
Cash flows from investing activities      
Purchases of short-term investments (354,784) (377,532)  
Maturities of short-term investments 167,927 209,796  
Purchases of property and equipment (616) (2,405)  
Net cash used in investing activities (187,473) (170,141)  
Cash flows from financing activities      
Proceeds from initial public offering and concurrent private placement, net of underwriter discounts and commissions and deferred offering costs   157,705  
Proceeds from underwritten public offering, net of underwriter discounts and commissions and deferred offering costs 269,439    
Proceeds from exercise of stock options 1,348 7  
Repurchase of unvested restricted common stock (1)    
Net cash provided by financing activities 270,786 221,625  
Net (decrease) increase in cash, cash equivalents, and restricted cash (4,160) (13,344)  
Cash, cash equivalents, and restricted cash at beginning of period 56,910 70,254  
Cash, cash equivalents, and restricted cash at end of period 52,750 56,910 $ 70,254
Supplemental disclosure for noncash investing and financing activities:      
Right-of-use assets obtained in exchange for operating lease liabilities 10,499    
Offering costs included in accounts payable and accrued expenses at period end 35    
Purchases of property and equipment included in accounts payable and accrued expenses at period end 20 172  
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 52,645 56,805  
Restricted cash 105 105  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 52,750 56,910 70,254
Series A Convertible Preferred Stock      
Cash flows from financing activities      
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs paid 0   $ 63,913
Supplemental disclosure for noncash investing and financing activities:      
Conversion of convertible preferred stock into common stock upon closing of initial public offering   89,487  
Series B Convertible Preferred Stock      
Supplemental disclosure for noncash investing and financing activities:      
Conversion of convertible preferred stock into common stock upon closing of initial public offering   145,252  
Series B Preferred Stock      
Supplemental disclosure for noncash investing and financing activities:      
Settlement of preferred stock tranche right liability $ 0 $ 11,590