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 $ (80,987) $ (33,573)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 6 23
Loss on disposal of property and equipment   107
Net amortization of premiums and accretion of discounts on investments (110) (382)
Non-cash interest expense on royalty obligation 6,263  
Non-cash interest expense on senior secured term loan 34  
Stock-based compensation expense 9,195 5,386
Non-cash lease expense 264 246
Prepaid expenses and other assets (6,482) (353)
Accounts payable 1,795 2,882
Accrued expenses (4,963) (11,165)
Operating lease liabilities (211) (222)
Net cash used in operating activities (75,196) (37,051)
Cash flows from investing activities:    
Purchases of property and equipment (2) (18)
Purchases of investments (76,520) (99,114)
Proceeds from sales and maturities of investments 108,133 12,858
Net cash provided by (used in) investing activities 31,611 (86,274)
Cash flows from financing activities:    
Payments of debt issuance costs (474)  
Proceeds from exercise of stock options 367 99
Proceeds from issuance of common stock under employee stock purchase plan 592  
Proceeds from senior secured term loan, net of discount 73,500  
Proceeds from the issuance of convertible senior notes, net of commissions 194,000  
Net cash provided by financing activities 433,479 99
Effect of exchange rate changes on cash and cash equivalents (311) (52)
Net increase (decrease) in cash and cash equivalents 389,583 (123,278)
Cash and cash equivalents at beginning of period 110,641 319,832
Cash and cash equivalents at end of period 500,224 196,554
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained under operating lease arrangements   $ 445
Deferred offering costs and debt issuance costs in accounts payable and accrued expenses 1,758  
ATM Program    
Cash flows from financing activities:    
Payments of other offering costs for the ATM offering (38)  
Proceeds from issuance of common stock 71,532  
Equity Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock $ 94,000