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 $ (78,865) $ (17,983)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 101 63
Stock-based compensation expense 3,939 1,523
Change in fair value of preferred stock tranche right liability 0 (800)
Non-cash lease expense 293 (13)
Accretion of discounts on investments, net (1,225) 0
Other (19) (7)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 42 (2,674)
Non-current clinical deposits (1,133) 0
Other non-current assets 27 (10)
Accounts payable (495) 645
Accrued expenses and other current liabilities 9,376 1,055
Operating lease liabilities (282) 0
Other non-current liabilities (69) 0
Net cash used in operating activities (68,310) (18,201)
Cash flows from investing activities:    
Purchases of marketable securities (48,448) (54,440)
Maturities of marketable securities 71,297 0
Net cash provided by (used in) investing activities 22,849 (54,440)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 57 0
Payments of deferred offering costs related to initial public offering (3,037) 0
Net cash used in financing activities (2,980) 0
Net decrease in cash, cash equivalents and restricted cash (48,441) (72,641)
Cash and cash equivalents and restricted cash at beginning of period 161,028 175,178
Cash, cash equivalents and restricted cash at end of period 112,587 102,537
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 111,826 101,776
Restricted Cash and Cash Equivalent 761 761
Total cash, cash equivalents and restricted cash 112,587 102,537
Supplemental disclosure of non-cash investing and financing activities:    
Deferred offering costs included in accounts payable and accrued expenses $ 2,123 $ 0