v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (26,189) $ (18,177)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net accretion of discounts on available-for-sale securities (490) (990)
Depreciation and amortization expense 1,126 732
Share-based compensation 2,553 2,098
Other noncash income, net 78 138
Changes in operating assets and liabilities:    
Accounts receivable (52) 38
Interest receivable (392) (74)
Prepaid expenses and other current assets (327) 240
Accounts payable and accrued expenses (4,213) (1,711)
Deferred Income [1] 0 (1,400)
Accrued personnel expenses (3,613) (2,566)
Other noncurrent liabilities 51 90
Net cash used in operating activities (31,468) (21,582)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property and equipment (6,858) (4,656)
Additions to other assets 0 (9)
Purchases of available-for-sale securities (150,336) (22,604)
Maturities of available-for-sale securities 47,641 21,704
Net cash used in investing activities (109,553) (5,565)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable (15) (13)
Proceeds from sales of common stock, pursuant to exercise of options 290 0
Proceeds from issuance of common stock and Pre-funded Warrants, net [1] 164,089 9,986
Net cash provided by financing activities 164,364 9,973
Net increase (decrease) in cash and cash equivalents 23,343 (17,174)
Cash and cash equivalents at beginning of period 30,629 61,580
CASH AND CASH EQUIVALENTS AT END OF PERIOD 53,972 44,406
Supplemental schedule of noncash investing and financing activities:    
Additions to property and equipment in accounts payable and accrued expenses 10,152 0
Recognition of operating lease liability and right-of-use asset $ 1,250 $ 0
[1] See Note 3, Investments and Agreements, for additional information.