v3.26.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (177,042) $ (111,779)
Adjustments to reconcile net loss to net cash and cash equivalents used in operations:    
Depreciation 167 130
Stock-based compensation 21,383 6,988
Amortization of debt issuance costs and discount 3,137 1,331
Payment-in-kind interest 1,104 1,364
Non-cash operating lease expense (7)
Change in accrued interest income 630 150
Changes in operating assets and liabilities:    
Prepaid clinical trial costs (12,127) (1,994)
Other current and non-current assets (2,991) 2,770
Accounts payable (3,040) 4,316
Accrued clinical trial costs 118 10,244
Other accrued expenses 15,388 3,013
Net cash used in operating activities (153,280) (83,467)
Cash flows from investing activities:    
Proceeds from maturities of investments 332,507 642,346
Purchases of investments (396,342) (705,165)
Purchases of property and equipment (249) (250)
Net cash used in investing activities (64,084) (63,069)
Cash flows from financing activities:    
Proceeds from employee stock purchases 711 276
Proceeds from exercise of common stock options 3,485 770
Proceeds from exercise of common stock warrants 42,061 14,736
Proceeds from convertible debt, net of debt issuance costs of $6,246 and $0 during the years ended December 31, 2025 and 2024, respectively 195,004
Proceeds from note payable, net of debt issuance costs of $2,255 and $2,438 during the years ended December 31, 2025 and 2024, respectively 27,745 59,226
Proceeds from equity offering, net of underwriting discounts and offering costs 91,592 56,252
Proceeds from an ATM offering, net of issuance costs 7,356
Payments for secondary registration statement costs (46) (228)
Net cash provided by financing activities 360,552 138,388
Net change in cash and cash equivalents 143,188 (8,148)
Cash and cash equivalents:    
Beginning of period 22,515 30,663
End of period 165,703 22,515
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,348 7,586
Cash paid for operating leases 220 325
Supplemental disclosures of non-cash investing and financing activities:    
Common stock warrants issued with the note payable transaction 2,786 1,229
Property and equipment included in accounts payable 82 1
Deferred financing, offering and registration statement costs included in accounts payable $ 42