v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (377,737) $ (156,988)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 171,672  
Depreciation expense 56 137
Loss on disposal of property and equipment 107  
Net amortization of premiums and accretion of discounts on investments (1,931) (602)
Non-cash interest expense on royalty obligation 7,327  
Stock-based compensation expense 26,347 10,821
Change in fair value of convertible notes   846
Non-cash lease expense 875 681
Prepaid expenses and other assets (3,156) (7,701)
Accounts payable (10,043) 11,740
Accrued expenses 15,052 22,065
Operating lease liabilities (902) (673)
Net cash used in operating activities (172,333) (119,674)
Cash flows from investing activities:    
Purchases of property and equipment (18) (131)
Purchases of investments (417,755) (36,421)
Proceeds from sales and maturities of investments 200,887 6,000
Product candidate license acquisitions (35,000)  
Net cash used in investing activities (251,886) (30,552)
Cash flows from financing activities:    
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs   178,381
Proceeds from royalty obligation 75,000  
Proceeds from exercise of stock options 4,096 275
Proceeds from issuance of common stock under employee stock purchase plan 276  
Net cash provided by financing activities 215,280 412,958
Effect of exchange rate changes on cash, cash equivalents and restricted cash (252) 157
Net (decrease) increase in cash, cash equivalents and restricted cash (209,191) 262,889
Cash, cash equivalents and restricted cash at beginning of period 319,832 56,943
Cash, cash equivalents and restricted cash at end of period 110,641 319,832
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained under operating lease arrangements 1,500 1,100
Equity consideration for InnoCare license, at fair value 136,672  
Conversion of convertible preferred stock to common stock upon closing of initial public offering   449,612
Conversion of BMS Note into Series C convertible preferred stock   21,146
Deferred offering costs in accounts payable and accrued expenses 18  
IPO    
Cash flows from financing activities:    
Payment of agent fees and offering costs   (6,334)
Proceeds from issuance of common stock   $ 240,636
PIPE and ATM    
Cash flows from financing activities:    
Payment of agent fees and offering costs (12,665)  
Private Investment in Public Equity    
Cash flows from financing activities:    
Proceeds from issuance of common stock 120,000  
2025 ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of common stock $ 28,573