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 $ (37,284) $ (26,639)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 24 30
Reduction in the carrying value of right-of-use assets 42 38
Amortization of debt issuance costs 160 70
Loss on extinguishment of debt   546
Change in fair value of royalty agreement derivative liability (12)  
Accretion on discount to short-term investments (565) (1,149)
Stock-based compensation 10,727 2,972
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (639) 859
Non-current assets (864) (768)
Accounts payable and accrued expenses and other current liabilities (4,635) (3,148)
Net cash used in operating activities (33,046) (27,189)
Cash flows from investing activities:    
Purchase of property and equipment (54) (3)
Purchase of available-for-sale securities, net   (15,068)
Maturity of available-for-sale securities 25,700 44,400
Sale of available-for-sale securities, net 13,132  
Net cash provided by investing activities 38,778 29,329
Cash flows from financing activities:    
Repayment of long-term debt   (27,230)
Proceeds from long-term debt, net   29,598
Proceeds from exercise of stock options 45 165
Repurchase of shares for minimum tax withholdings (240) (215)
Net cash provided (used in) by financing activities (195) 2,318
Effect of exchange rate changes on cash and cash equivalents 74 (30)
Increase in cash and cash equivalents 5,611 4,428
Cash and cash equivalents beginning of period 33,180 15,128
Cash and cash equivalents end of period 38,791 19,556
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 617 $ 1,325