v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (40,834) $ (29,511)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 32 27
Stock-based compensation expense 10,602 5,315
Accretion of discount on investment securities (1,218) (1,899)
Amortization of right-of-use operating lease assets 44 106
Loss on investment in former related party 302 (5)
Changes in operating assets and liabilities:    
Receivable from former related party 0 807
Accounts receivable, net (1,178) (1,000)
Prepaid expenses and other current assets (2,331) (1,913)
Other assets (2,123) 2,000
Accounts payable, accrued expenses and operating lease liabilities 6,999 (1,500)
Deferred revenue 849 (57)
Net cash used in operating activities (28,856) (27,630)
Cash flows from investing activities:    
Capital expenditures (10) (24)
Purchases of investment securities (238,588) (67,324)
Proceeds from sales and maturities of investment securities 104,625 82,142
Net cash (used in)/provided by investing activities (133,973) 14,794
Cash flows from financing activities:    
Proceeds from public offering 677,624 0
Payment of issuance costs in connection with public offering (1,343) 0
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs 58,731 0
Proceeds from exercise of stock options (net of receivable for stock option proceeds in transit) 4,277 31
Proceeds from issuance of common stock under employee stock purchase plan 120 129
Proceeds from exercise of warrants and pre-funded warrants 1 1
Net cash provided by financing activities 739,410 161
Increase/(decrease) in cash, cash equivalents and restricted cash 576,581 (12,675)
Cash, cash equivalents and restricted cash, beginning of period 51,254 23,022
Cash, cash equivalents and restricted cash, end of period 627,835 10,347
Supplemental Disclosure    
Cash and cash equivalents 627,667 10,116
Restricted cash 168 231
Total cash, cash equivalents and restricted cash 627,835 10,347
Issuance costs in connection with public offering included in accounts payable 50 0
Issuance costs in connection with public offering included in accrued expenses 151 0
Receivable associated with exercise of stock options $ 6,445 $ 0