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 $ (43,320) $ (64,387)
Adjustment to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,485 2,271
Amortization/Accretion of bond discounts/premiums (559)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,561) (1,591)
Other assets 37  
Accounts payable 2,807 582
Accrued expenses (3,828) (4,879)
Operating lease liabilities 47 (4)
Net cash used in operating activities (41,892) (68,008)
Cash flows from investing activities:    
Purchase of short-term and long-term investments (64,383) (9,817)
Sales and maturities of short-term and long-term investments 67,965 46,638
Net cash used in investing activities 3,582 36,821
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 54,724 6,516
Proceeds from the exercise of stock options 149 293
Payment of deferred financing costs   (50)
Net cash provided by financing activities 54,873 6,759
Net increase (decrease) in cash and cash equivalents 16,563 (24,428)
Cash and cash equivalents at beginning of the year 45,540 74,293
Cash and cash equivalents at end of the year $ 62,103 $ 49,865