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 $ (22,687) $ (15,306)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 1,318 459
Depreciation and amortization 73 75
Non-cash lease expense 153 140
Accretion of discount on available-for-sale debt securities (816) (208)
Other non-cash items   381
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,166 (65)
Other non-current assets (1,016) (800)
Accounts payable (52) 2,881
Accrued expenses and other current liabilities 434 (434)
Operating lease liabilities (157) (139)
Other non-current liabilities   (17)
Net cash used in operating activities (21,584) (13,033)
Cash flows from investing activities:    
Purchases of available-for-sale debt securities (15,735) (19,948)
Maturities of available-for-sale debt securities   13,970
Purchases of property and equipment (112) (16)
Net cash used in investing activities (15,847) (5,994)
Cash flows from financing activities:    
Payment of offering costs (414)  
Principal payments on finance lease (46) (29)
Net cash used in financing activities (460) (29)
Effect of foreign exchange rate changes on cash and cash equivalents (223)  
Net decrease in cash and cash equivalents (38,114) (19,056)
Cash and cash equivalents at beginning of period 87,974 74,407
Cash and cash equivalents at end of period 49,860 55,351
Supplemental disclosure of cash flow activities:    
Cash paid for interest   $ 3
Supplemental disclosure of non-cash investing and financing activities:    
Deferred offering costs included in accrued expenses and accounts payable $ 2,279