v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (82,958) $ (68,243)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 5,214 3,789
Stock-based compensation expense 2,777 2,970
Amortization of operating lease right-of-use assets (101) 2,677
Amortization of premiums and accretion of discounts on marketable securities (827) (1,234)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,377) (2,686)
Other assets 2,700 (399)
Accounts payable 5,324 2,277
Accrued expenses and other current liabilities (15,065) (9,384)
Operating lease liabilities (2,488) 16,023
Other liabilities   (311)
Net cash used in operating activities (89,801) (54,521)
Investing Activities    
Purchase of property and equipment (262) (22,358)
Purchase of marketable securities (306,955) (252,496)
Proceeds from maturities of marketable securities 104,000 61,000
Net cash used in investing activities (203,217) (213,854)
Financing Activities    
Proceeds from issuance of common stock under stock plans 277 21
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs   350,213
Proceeds from initial public offering, net of issuance costs 349,031  
Net cash provided by financing activities 349,308 350,234
Net increase in cash, cash equivalents and restricted cash 56,290 81,859
Cash, cash equivalents and restricted cash at beginning of period 113,072 130,878
Cash, cash equivalents and restricted cash at end of period 169,362 212,737
Cash, cash equivalents and restricted cash at end of period    
Cash and cash equivalents 161,154 204,582
Restricted cash 8,208 8,155
Cash, cash equivalents and restricted cash at end of period 169,362 212,737
Supplemental disclosure of cash flow information    
Cash paid for interest 4 6
Cash paid for operating lease liabilities 10,483 2,555
Supplemental disclosure of non-cash financing and investing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 221 9,346
Vesting of early exercised stock options and restricted common stock $ 35 $ 137