v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net Income (Loss) $ (45,558) $ (28,098) $ (84,863) $ (56,245)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation     276 283
Stock-based compensation     18,079 12,802
Accretion on marketable securities, net     (230) (1,574)
Changes in operating assets and liabilities:        
Prepaid expenses and other assets     (3,456) (3,595)
Accounts payable, accrued expenses and other liabilities     6,513 (856)
Right-of-use assets and lease liabilities, net     34 47
Net cash used in operating activities     (63,647) (49,138)
Cash flows from investing activities:        
Purchases of marketable securities     (184,286) (26,976)
Maturities of marketable securities     82,050 79,913
Purchases of property and equipment     (154) (45)
Net cash provided by (used in) investing activities     (102,390) 52,892
Cash flows from financing activities:        
Proceeds from issuances of common stock under benefit plans     14,632 2,770
Proceeds from issuances of common stock under at-the-market offering program, net of $2.1 million of issuance costs     147,853 0
Net cash provided by financing activities     162,485 2,770
Net cash increase (decrease) for the period     (3,552) 6,524
Cash, cash equivalents and restricted cash at beginning of the period     78,387 92,966
Cash, cash equivalents and restricted cash at end of the period 74,835 99,490 74,835 99,490
Reconciliation of cash, cash equivalents and restricted cash to the condensed balance sheets        
Cash and cash equivalents 73,835 98,490 73,835 98,490
Restricted cash 884 1,000 884 1,000
Restricted cash included in prepaid expenses and other current assets 116 0 116 0
Total cash, cash equivalents and restricted cash $ 74,835 $ 99,490 74,835 99,490
Supplemental disclosure of cash flow information:        
Purchases of equipment included in accounts payable and accrued and other current liabilities     49 0
Vesting of options early exercised subject to repurchase     $ 0 $ 3