v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (183,440,000) $ (30,966,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 723,000 822,000
Stock-based compensation expense 8,460,000 6,713,000
In-process research and development expenses 150,000,000 0
Accretion on marketable securities, net (746,000) (1,986,000)
Realized gain from sales of marketable securities, net (47,000)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current and long-term assets 175,000 459,000
Accounts payable 1,182,000 1,794,000
Accrued expenses and other current and long-term liabilities (3,269,000) (8,006,000)
Operating lease assets and liabilities, net (421,000) (385,000)
Net cash used in operating activities (27,383,000) (31,555,000)
Cash flows from investing activities:    
Purchases of marketable securities (253,170,000) (10,652,000)
Maturities of marketable securities 58,550,000 45,000,000
Sales of marketable securities 100,826,000  
In-process research and development (150,000,000)  
Purchases of property and equipment (36,000) (83,000)
Net cash (used in) provided by investing activities (243,830,000) 34,265,000
Cash flows from financing activities:    
Proceeds from issuance of common stock in underwritten offering 258,750,000  
Issuance costs associated with underwritten offering (16,044,000)  
Proceeds from the exercise of stock options 1,958,000 33,000
Net cash provided by financing activities 244,664,000 33,000
Net (decrease) increase in cash, cash equivalents, and restricted cash (26,549,000) 2,743,000
Cash, cash equivalents and restricted cash at beginning of the period 74,213,000 68,147,000
Cash, cash equivalents and restricted cash at end of the period $ 47,664,000 $ 70,890,000