v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 16,327,000 $ (66,948,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 8,579,000 8,850,000
Loss on sale of property and equipment 38,000 0
Net accretion of discounts on investments (278,000) (761,000)
Gain on modification of lease liability (1,005,000) 0
Stock-based compensation 8,314,000 11,501,000
Non-cash interest expense related to sale of future royalties 2,823,000 2,969,000
Non-cash revenue related to sale of future royalties (4,521,000) (3,637,000)
Change in operating assets and liabilities:    
Accounts receivable (8,803,000) (2,753,000)
Unbilled receivable from government contracts (30,573,000) (6,208,000)
Prepaid expenses and other assets (16,103,000) (1,666,000)
Prepaid clinical services, long-term 34,898,000 (60,116,000)
Accounts payable 14,639,000 5,273,000
Accrued and other liabilities 33,735,000 3,332,000
Net cash used in operating activities 7,714,000 (44,764,000)
Cash flows from investing activities:    
Purchases of property and equipment (145,000) (554,000)
Proceeds from sale of property and equipment 5,000 0
Purchases of investments (23,228,000) (64,270,000)
Proceeds from maturities of investments 40,000,000 43,500,000
Net cash (used in) provided by investing activities 16,632,000 (21,324,000)
Cash flows from financing activities:    
Shares acquired to settle employee tax withholding liabilities (199,000) (214,000)
Proceeds from issuance of common stock upon exercise of stock options 3,000 30,000
Proceeds from issuance of common stock under the employee stock purchase plan 0 312,000
Proceeds from issuance of treasury stock under the employee stock purchase plan 181,000 142,000
Net cash used in financing activities 4,239,000 56,562,000
Net increase (decrease) in cash and cash equivalents 28,585,000 (9,526,000)
Cash and cash equivalents at beginning of the period 25,229,000 34,755,000
Cash and cash equivalents at end of the period 53,814,000 25,229,000
Supplemental disclosure of non-cash investing and financing activity:    
Adjustment to operating lease right-of-use asset from lease modification 4,557,000 0
Acquisition of property and equipment included in accounts payable and accrued expenses 166,000 106,000
RA Capital Healthcare Fund 2025 [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 4,201,000 0
June 2024 Offering [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 37,545,000
At-the-market Facility [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 53,000 8,802,000
RA Capital Healthcare Fund 2024 [Member]    
Cash flows from financing activities:    
Net proceeds from issuance of common stock 0 9,945,000
Government Contract [Member]    
Change in operating assets and liabilities:    
Deferred revenue (65,332,000) 65,400,000
Collaboration Revenue [Member]    
Change in operating assets and liabilities:    
Deferred revenue $ 14,976,000 $ 0