v3.25.4
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (51,038) $ (45,567)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of discount on marketable securities (389) (1,253)
Non-cash operating lease expense 151 145
Stock-based compensation expense 6,449 5,288
Write-off of deferred financing costs 230 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,830) (5)
Accounts payable, accrued expenses and other current liabilities 929 (907)
Operating lease liabilities (152) (136)
Net cash used in operating activities (45,650) (42,435)
Cash flows from investing activities    
Purchases of marketable securities (106,864) (108,087)
Sales and maturities of marketable securities 111,420 46,404
Net cash provided by (used in) investing activities 4,556 (61,683)
Cash flows from financing activities    
Proceeds from sale of Series A common stock, net of issuance costs 0 105,750
Payment of financing costs 0 (1,045)
Proceeds from exercise of stock options 275 114
Net cash provided by financing activities 275 104,819
Net (decrease) increase in cash and cash equivalents (40,819) 701
Cash and cash equivalents at beginning of period 75,840 75,139
Cash and cash equivalents at end of period 35,021 75,840
Supplemental non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease obligations 152 149
Deferred financing costs within accounts payable and accrued expenses $ 9 $ 0