v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (37,801) $ (36,798)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation 308 311
Stock-based compensation 7,791 7,524
Amortization of premiums on investment securities, net (162) (1,974)
Non-cash lease expense 143 (6)
Deferred financing costs 0 427
Change in operating assets and liabilities:    
Prepaid expense and other assets (678) (955)
Accounts payable and other liabilities (1,556) 241
Net cash used in operating activities (31,955) (31,230)
Cash flows from investing activities    
Purchases of investment securities (65,012) (126,080)
Proceeds from maturities of investment securities 72,500 154,225
Purchases of property and equipment (21) (159)
Net cash provided by investing activities 7,467 27,986
Cash flows from financing activities    
Proceeds from the issuance of common stock in at-the-market offering, net of issuance costs 19,907 0
Issuance of common stock through employee stock purchase plan 464 361
Proceeds from the exercise of stock options 168 23
Net cash provided by financing activities 20,539 384
Net decrease in cash and cash equivalents (3,949) (2,860)
Cash and cash equivalents at beginning of period 16,856 22,563
Cash and cash equivalents at end of period 12,907 19,703
Supplemental disclosures    
Increase in right-of-use-asset and operating lease liability related to lease amendment $ 1,295 $ 0