v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (29,610) $ (32,030)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 217 157
Noncash operating lease expense 1,145 460
Stock-based compensation 7,663 4,987
Accretion of premiums/discounts on marketable securities, net (1,246) (692)
Loss on disposal of property and equipment 2 67
Gain on marketable securities 0 (6)
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (1,005) 273
Other long-term assets 0 (6)
Accounts payable (500) 190
Accrued expenses (2,757) (2,964)
Operating lease liabilities (1,676) (509)
Net cash used in operating activities (27,767) (30,073)
Investing activities    
Purchase of property and equipment (318) (91)
Purchases of marketable securities (142,902) (59,128)
Sales and maturities of marketable securities 108,766 88,018
Net cash provided by (used in) investing activities (34,454) 28,799
Financing activities    
Payments of deferred offering costs (122) (176)
Proceeds from exercise of stock options 671 24
Proceeds from employee stock purchase plan 780 267
Net cash provided by financing activities 1,329 115
Net decrease in cash and cash equivalents (60,892) (1,159)
Cash and cash equivalents at beginning of period 75,603 21,943
Cash and cash equivalents at end of period $ 14,711 $ 20,784