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 $ (27,232) $ (12,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 5,259 213
Non-cash research and development services 621 357
Net accretion of discount/premium on debt securities (73) (13)
Other 6 2
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 4,360 79
Interest receivable on marketable securities (1,499) 0
Accounts payable (1,055) (686)
Accrued expenses (1,373) (862)
Other long term assets (174) 0
Other current liabilities and lease liabilities (8) (7)
Net cash used in operating activities (21,168) (13,317)
Cash flows from investing activities:    
Purchase of property, plant and equipment 0 (19)
Purchases of marketable securities (122,988) (15,731)
Maturities of marketable securities 21,689 0
Net cash used in investing activities (101,299) (15,750)
Cash flows from financing activities:    
Issuance of preferred stock 0 8,423
Initial public offering, net of issuance costs paid 269,102 0
Exercise of stock options 11 0
Net cash provided by financing activities 269,113 8,423
Net increase (decrease) in cash and cash equivalents 146,646 (20,644)
Cash and cash equivalents—beginning of period 21,766 53,084
Cash and cash equivalents—end of period 168,412 32,440
Supplemental schedule of noncash activities:    
Unrealized loss on marketable securities (584) 0
Right-of-use asset exchanged for lease liabilities $ 0 $ 90