v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (42,410) $ (21,529)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 295 283
Stock-based compensation 5,547 3,294
Change in fair value of warrant liability   (102)
Non-cash change in fair value of term loan 32 256
Non-cash lease expense 285 339
Other 27 (5)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (794) (1,052)
Accounts payable 1,289 923
Accrued expenses and other liabilities (5,149) (2,125)
Deferred revenue   (2,302)
Net cash used in operating activities (40,878) (22,020)
Cash flows from investing activities    
Purchase of research and development license (3,000)  
Purchase of property, plant and equipment (24) (378)
Other   7
Net cash used in investing activities (3,024) (371)
Cash flows from financing activities    
Payment of shelf registration costs   (47)
Proceeds from common stock issuances under ESPP 176 75
Proceeds from stock option exercises 516  
Other 19 (80)
Net cash used in financing activities 711 (52)
Net decrease in cash, cash equivalents and restricted cash (43,191) (22,443)
Cash, cash equivalents and restricted cash at the beginning of the period 322,531 141,636
Cash, cash equivalents and restricted cash at the end of the period 279,340 119,193
Cash and cash equivalents 276,576 116,593
Restricted cash 2,764 2,600
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 1,447 1,294
Supplemental disclosure of noncash investing and financing activities:    
Offering costs not yet paid   $ 23