v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net loss $ (56,211) $ (36,846)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation 5,858 3,451
Depreciation 44 19
Non-cash lease expense 273 138
Net amortization of premiums and discounts on marketable securities 338 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 2,089 4,116
Operating lease liabilities (270) (147)
Net cash used in operating activities (37,508) (28,106)
Investing activities:    
Proceeds from maturities and sales of marketable securities 101,000 0
Purchase of property and equipment (60) 0
Net cash provided by investing activities 100,940 0
Financing activities:    
Proceeds from issuance on common stock and accompanying pre-funded warrants, net of issuance costs 161,763 0
Proceeds from exercise of options 1,582 460
Net cash provided by financing activities 163,345 460
Net (decrease)/increase in cash and cash equivalents 226,777 (27,646)
Cash and cash equivalents at beginning of period 96,685 489,711
Cash and cash equivalents at end of period 323,462 462,065
Supplemental disclosure of cash flow information:    
Cash paid for tax 0 72
Non-cash investing and financing activities:    
Offering costs included in accounts payable and accrued expenses 190 0
Vesting of early exercise stock options 0 17
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses 11,725 (2,116)
Related Party    
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses $ (1,354) $ 3,279