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 $ (53,089) $ (30,389)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 119 128
Non-cash lease expense 301 287
Non-cash interest income on marketable securities (1,273) (2,101)
Stock-based compensation expense, including employee stock purchase plan expense 10,148 4,378
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,597 549
Other assets and long-term deposits (100) (965)
Accounts payable (5,681) (4,309)
Other current liabilities 1,304 (11,248)
Operating lease liabilities (313) (309)
Net cash used in operating activities (45,987) (43,979)
Cash flows from investing activities:    
Maturities of marketable securities 74,470 97,772
Purchases of marketable securities (69,941) (142,855)
Net cash provided by (used in) investing activities 4,529 (45,083)
Cash flows from financing activities:    
Issuance of shares under at-the-market offering, net of issuance costs of $25 41,918  
Issuance costs for shares issued under November 2025 follow-on offering (237)  
Issuance costs for shares issued under private placement   (14)
Proceeds from exercise of stock options 8,430 236
Tax withholding for stock options exercised (4,407)  
Net cash provided by financing activities 45,704 222
Net increase (decrease) in cash and cash equivalents 4,246 (88,840)
Cash and cash equivalents at beginning of period 48,301 139,480
Cash and cash equivalents at end of period $ 52,547 50,640
Supplemental disclosure of non-cash financing activity    
Exchange of common stock for pre-funded warrants   $ 29,379