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 $ (121,335) $ (102,329)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 58 63
Stock-based compensation expense 9,852 9,635
Amortization of premiums and accretion of discounts on marketable securities, net (809) (5,015)
Change in fair value of embedded derivatives 460 (1,590)
Amortization of right-of-use asset 126 115
Realized gain on marketable securities (59) (97)
Noncash interest expense 1,288 1,118
Other noncash expense 0 232
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,362 (3,656)
Other long-term assets 40 74
Accounts payable (5,094) 4,269
Accrued clinical trial expenses (4,728) 10,957
Accrued expenses and other liabilities 3,301 32
Finance lease liability 0 (23)
Net cash used in operating activities (115,538) (86,215)
Cash flows from investing activities    
Purchases of marketable securities (38,056) (170,731)
Proceeds from maturities and sales of marketable securities 172,077 218,774
Purchases of property and equipment (88) (16)
Net cash provided by investing activities 133,933 48,027
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 0 7,938
Proceeds from exercise of stock options 39 0
Payment for financing lease 0 (739)
Payments for deferred offering costs 0 (230)
Repurchase of common shares to pay employee withholding taxes (73) (41)
Net cash (used in) provided by financing activities (34) 6,928
Net change in cash and cash equivalents and restricted cash 18,361 (31,260)
Cash and cash equivalents and restricted cash at the beginning of the period 35,859 67,119
Cash and cash equivalents and restricted cash at the end of the period 54,220 35,859
Supplemental disclosure of cash flow information    
Cash paid for income taxes 0 0
Cash paid for interest $ 2,936 $ 2,973