v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (62,395) $ (55,463)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,128 3,662
Lease expense (97) (133)
Depreciation expense 126 175
Amortization of premium on marketable securities (425) (1,216)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 765 4,818
Accounts payable 2,368 1,722
Accrued expenses (33,157) 479
Other assets 43 35
Net cash used in operating activities: (88,644) (45,921)
Cash flows from investing activities:    
Purchases of property and equipment (130) (68)
Purchases of marketable securities (63,281) (80,142)
Maturities of marketable securities 51,500 113,500
Net cash provided by (used in) investing activities (11,911) 33,290
Cash flows from financing activities:    
Proceeds from issuance of equity securities 107,666  
Proceeds from exercise of stock options 14  
Net cash provided by financing activities 107,680  
Net increase in cash, cash equivalents and restricted cash 7,125 (12,631)
Cash, cash equivalents and restricted cash at beginning of period 86,018 33,824
Cash, cash equivalents and restricted cash at end of period 93,143 21,193
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 13 23
Offering costs included in accounts payable and accrued expenses 150 $ 50
Leased assets obtained in exchange for new operating lease liabilities $ 1,510