v3.26.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net Income (Loss) $ (25,205) $ (63,102)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,191 3,090
Shares issued for services rendered 0 71
Loss on write off of property and equipment 8 0
Write off of deferred offering costs 0 3,219
Depreciation and amortization 321 91
Noncash lease expense 147 308
Realized gain on sale of marketable securities, net (119) (955)
Amortization (accretion) of premiums (discounts) on investments, net 261 (34)
(Gain) loss on change in fair value of derivative instruments (1,161) 947
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (12,339) (1,757)
Operating lease liability (134) (60)
Accrued interest on marketable securities (268) 114
Accounts payable and accrued expenses (910) 5,016
Net cash used in operating activities (35,208) (53,052)
Investing Activities    
Purchases of property and equipment (52) (769)
Purchase of marketable securities (44,836) (29,746)
Proceeds from the sale of marketable securities 2,501 23,649
Maturities of marketable securities 2,500 30,100
Net cash (used in) provided by investing activities (39,887) 23,234
Financing Activities    
Proceeds from initial public offering 327,750 0
Payment of issuance costs for initial public offering (25,435) 0
Proceeds from exercise of warrants and options 247 23
Proceeds from issuance of redeemable convertible Series C preferred stock 0 40,000
Payment of issuance costs for redeemable convertible Series C preferred stock 0 (1,708)
Net cash provided by financing activities 302,562 38,315
Net increase in cash, cash equivalents and restricted cash 227,467 8,497
Cash, cash equivalents and restricted cash, beginning of period 23,476 14,979
Cash, cash equivalents and restricted cash, end of period 250,943 23,476
Supplemental disclosures of cash flow information    
Income tax paid 1 1
Supplemental disclosures of noncash investing and financing information    
Conversion of 78,072,306 shares (1) of redeemable convertible preferred stock to common stock upon the closing of initial public offering 114,260 0
Right of use assets in exchange for operating lease liabilities 0 2,405
Acquisition of leasehold improvements $ 0 $ 1,158