v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (14,456) $ (15,990)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 83 78
Noncash operating lease expense 624 233
Stock-based compensation 3,823 2,569
Accretion of premiums/discounts on marketable securities, net (395) (285)
Loss on disposal of property and equipment 2 67
Gain on marketable securities 0 (2)
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (1,616) 203
Accounts payable 490 1,834
Accrued expenses (3,525) (2,862)
Operating lease liabilities (1,296) (257)
Net cash used in operating activities (16,266) (14,412)
Investing activities    
Purchase of property and equipment (312) (47)
Purchases of marketable securities (97,117) (33,691)
Sales and maturities of marketable securities 58,121 48,653
Net cash provided by (used in) investing activities (39,308) 14,915
Financing activities    
Payments of deferred offering costs (69) 0
Proceeds from exercise of stock options 198 24
Net cash provided by financing activities 129 24
Net increase (decrease) in cash and cash equivalents (55,445) 527
Cash and cash equivalents at beginning of period 75,603 21,943
Cash and cash equivalents at end of period $ 20,158 $ 22,470