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 $ (56,737) $ (39,282)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount on available-for-sale securities (619) (312)
Equity-based compensation expense 5,152 3,341
Depreciation and amortization expense 395 407
Non-cash lease expense 623 575
Change in fair value of derivative liabilities 1,650 1,650
Other 0 (22)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 954 2,023
Accounts payable 2,321 461
Change in operating lease liability (496) (416)
Accrued expenses and other liabilities (473) (275)
Net cash used in operating activities (47,230) (31,850)
Cash flows from investing activities:    
Purchases of property and equipment (165) (126)
Proceeds from sales and maturities of available-for-sale securities 128,380 38,000
Purchases of available-for-sale securities (83,457) (65,337)
Net cash provided by (used in) investing activities 44,758 (27,463)
Cash flows from financing activities:    
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of underwriting discounts and commissions 0 189,637
Payments of common stock and pre-funded warrants issuance costs in public offering 0 (20)
Proceeds from issuance of common stock and pre-funded warrants in private placement 239,972 0
Payments of common stock and pre-funded warrants issuance costs in private placement (12,890) 0
Proceeds from issuance of common stock in at-the-market public offering, net of sales commissions 11,927 246
Proceeds from exercises of common stock options 18 0
Payments of principal portion of finance lease obligations 0 (135)
Net cash provided by financing activities 239,027 189,728
Net increase in cash, cash equivalents, and restricted cash 236,555 130,415
Cash, cash equivalents, and restricted cash at beginning of period 61,890 82,187
Cash, cash equivalents, and restricted cash at end of period 298,445 212,602
Supplemental disclosure of cash flow information:    
Cash paid for Interest 0 68
Supplemental disclosure of non-cash investing, financing and operating activities:    
Common stock issued as payment for developmental milestone consideration 7,500 5,000
Property and equipment purchases included in accounts payable and accrued expenses $ 25 $ 80