v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net loss $ (74,111) $ (55,339)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation expense 408 207  
Equity-based compensation expense 17,155 11,126  
Amortization of discounts on marketable securities (1,549) (2,379)  
Non-cash lease expense 980 857  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (2,490) 895  
Other non-current assets 155 (6,841)  
Accounts payable 16 1,374  
Operating lease liability (802) (1,014)  
Accrued expenses 4,668 2,637  
Net cash used in operating activities (55,570) (48,477)  
Cash flows from investing activities:      
Purchases of marketable securities (183,244) (98,201)  
Maturities of marketable securities 147,895 115,500  
Purchases of property and equipment   (4,317)  
Net cash (used in) provided by investing activities (35,349) 12,982  
Cash flows from financing activities:      
Proceeds from issuance of common stock, net of issuance costs 378,169    
Proceeds from issuance of common stock under the ATM Facility, net of issuance costs 28,934    
Proceeds from exercise of options 4,064 622  
Net cash provided by financing activities 411,167 622  
Increase (decrease) in cash, cash equivalents and restricted cash 320,248 (34,873)  
Cash, cash equivalents and restricted cash, beginning of period 131,549 142,083 $ 142,083
Cash, cash equivalents and restricted cash, end of period 451,797 107,210 131,549
Supplemental disclosures of non-cash activities:      
Operating lease right-of-use asset obtained in exchange for operating lease liability   999  
Property and equipment in accounts payable   229  
Unpaid financing cost in accrued liability 728 37  
Issuance of common stock upon exercise of stock options for which proceeds had not yet been received 256    
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 451,797 106,916  
Restricted cash   294  
Total $ 451,797 $ 107,210 $ 131,549