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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net loss $ (26,869) $ (17,503)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 63 10
Non-cash operating lease expense 109 0
Stock-based compensation expense 1,193 543
Amortization and accretion of premiums/discounts on marketable securities (237) (558)
Amortization of debt discount and deferred financing costs 5 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (508) (265)
Other assets 0 120
Accounts payable (1,113) (1,010)
Accrued liabilities (2,464) (612)
Operating lease liability (70) 0
Net cash used in operating activities (29,891) (19,275)
INVESTING ACTIVITIES:    
Purchases of property and equipment (318) (8)
Purchases of marketable securities 0 (2,873)
Proceeds from sale of marketable securities 26,342 0
Maturities of marketable securities 29,000 27,000
Net cash provided by investing activities 55,024 24,119
FINANCING ACTIVITIES:    
Proceeds from the exercise of stock options 25 0
Proceeds from Term loan 15,000 0
Payments of issuance costs associated with Term loan (163) 0
Net cash provided by financing activities 14,862 0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 39,995 4,844
Beginning of period 52,315 23,955
End of period 92,310 28,799
Supplemental disclosure of non-cash investing and financing activities:    
Warrant value issued as part of Term loan 184 0
Deferred offering costs included in accounts payable and accrued expenses 1,002 0
Purchases of property and equipment included in accounts payable and accrued expenses $ 209 $ 0