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 $ (31,820) $ (20,999)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,968 4,883
Net accretion of premiums and discounts on marketable securities (446) (1,797)
Non-cash lease expense 143 62
Depreciation expense 43 16
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 461 (148)
Other non-current assets (60)
Accounts payable (493) 83
Accrued expenses and other current liabilities (1,304) 2,317
Operating lease liability (125) (21)
Related party accounts payable and other current liabilities 2,995 (5,205)
Net cash used in operating activities (23,578) (20,869)
Cash flows from investing activities:    
Purchases of property and equipment (73) (13)
Purchases of marketable securities (90,834) (44,290)
Proceeds from maturities of marketable securities 76,470 87,169
Net cash (used in) provided by investing activities (14,437) 42,866
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of stock options and employee warrants 1,698
Proceeds from at-the-market offering, net of commissions 38,902
Net cash provided by financing activities 40,600
Net increase in cash and cash equivalents 2,585 21,997
Cash and cash equivalents at beginning of period 46,935 61,575
Cash and cash equivalents at end of period 49,520 83,572
Supplemental disclosures of non-cash financing activities:    
Amounts receivable related to exercise of stock options and employee warrants $ 68