v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (22,136) $ (15,656)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 19 13
Stock-based compensation expense 3,177 1,620
Accretion of debt discount on available-for-sale securities (7) (240)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (3,197) 1,641
Accounts payable 3,095 578
Accrued liabilities (198) 1,689
Other liabilities 439 0
Net cash used in operating activities (18,808) (10,355)
Cash flows from investing activities:    
Purchase of property and equipment 0 (61)
Proceeds from redemptions of short-term investments 0 36,350
Net cash provided by investing activities 0 36,289
Cash flows from financing activities:    
Payment of issuance costs associated with financings 0 (2,316)
Proceeds from issuance of common stock under ESPP 101 9
Taxes paid related to net share settlement of equity awards (27) (15)
Net cash provided by (used in) financing activities 74 (2,322)
Net (decrease) increase in cash and cash equivalents (18,734) 23,612
Cash and cash equivalents — beginning of period 76,957 22,244
Cash and cash equivalents — end of period 58,223 45,856
Supplemental disclosure of non-cash investing and financing activities    
Unpaid issuance costs recorded in accounts payable and accrued liabilities $ 41 $ 0