v3.26.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net (loss) income $ (131,120) $ 52,231
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation expense 2,403 3,297
Stock-based compensation expense 16,400 9,646
Non-cash lease expense 3,134 2,889
Accretion of discounts on marketable securities, net (505)  
Change in fair value of convertible promissory notes   8,837
Other items, net 21 577
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,941) 93
Other assets 537 (2,304)
Accounts payable (27) (204)
Accrued expenses and other liabilities 3,482 3,807
Operating lease liabilities (3,324) (2,915)
Net cash (used in) provided by operating activities (111,940) 75,954
Investing activities    
Purchases of marketable securities (187,668)  
Maturities of marketable securities 17,500  
Purchases of property and equipment (794) (1,147)
Net cash used in investing activities (170,962) (1,147)
Financing activities    
Proceeds from initial public offering, net of offering costs paid 127,752  
Proceeds from private placement, net of offering costs paid 141,267  
Proceeds from exercise of stock option awards, net of repurchases 5,561 733
Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan 1,256  
Payment of success fee derivative (500)  
Proceeds from exercise of pre-funded warrants 1  
Payment of deferred offering costs   (3,154)
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs   70,793
Proceeds from issuance of convertible promissory notes, net of issuance costs   24,475
Net cash provided by financing activities 275,337 92,847
Net (decrease) increase in cash, cash equivalents and restricted cash (7,565) 167,654
Cash, cash equivalents and restricted cash at beginning of year 197,900 30,246
Cash, cash equivalents and restricted cash at end of year 190,335 197,900
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment recorded in accounts payable and accrued expenses 5 59
Vesting of restricted stock and stock options subject to repurchase   23
Offering costs recorded in accounts payable and accrued expenses 11 1,126
Settlement of convertible promissory notes by conversion to Series D-1 redeemable convertible preferred stock   53,392
Deemed dividend for anti-dilution adjustments to Series B and Series C redeemable convertible preferred stock upon issuance of Series D redeemable convertible preferred stock   14,972
Reconciliation to cash, cash equivalents and restricted cash:    
Cash and cash equivalents 189,247 196,812
Restricted cash 1,088 1,088
Total cash, cash equivalents and restricted cash $ 190,335 197,900
Supplemental disclosure of cash flow information:    
Income taxes paid   $ 1,230