v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net loss $ (21,588,000) $ (9,310,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,004,000 233,000
Non-cash lease expense 86,000 107,000
Unrealized loss on short-term investments 13,000 15,000
Amortization of discount on short-term investments (118,000) (81,000)
Depreciation expense 11,000 5,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (333,000) (4,362,000)
Accounts payable 2,421,000 648,000
Accrued liabilities (1,260,000) 1,410,000
Operating lease liability (105,000) (53,000)
Net cash used in operating activities (18,869,000) (11,388,000)
Investing activities:    
Purchases of short-term investments 0 (124,651,000)
Maturities/sales of short-term investments 34,250,000 12,027,000
Net cash provided by (used in) investing activities 34,250,000 (112,624,000)
Financing activities:    
Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts 0 91,075,000
Financing costs paid in connection with initial public offering 0 (2,310,000)
Proceeds from exercises of common stock options 4,000 110,000
Net cash provided by financing activities 4,000 88,875,000
Net increase (decrease) in cash and cash equivalents 15,385,000 (35,137,000)
Cash and cash equivalents at beginning of year 47,051,000 61,641,000
Cash and cash equivalents at end of year 62,436,000 26,504,000
Supplemental Cash Flow Information [Abstract]    
Conversion of convertible preferred stock into common stock upon initial public offering $ 0 $ 126,756,000