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 $ (91,049) $ (61,140)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 69 57
Stock-based compensation expense 22,500 11,021
Accretion of discount on investment securities (6,872) (2,997)
Amortization of right-of-use operating lease assets 114 175
Loss/(gain) on investment in former related party 197 (27)
Changes in operating assets and liabilities:    
Receivable from former related party 0 807
Accounts receivable, net (54) (39)
Prepaid expenses and other current assets (5,527) (1,321)
Other assets (940) 476
Accounts payable, accrued expenses and operating lease liabilities 3,215 1,589
Deferred revenue 510 (123)
Net cash used in operating activities (77,837) (51,522)
Cash flows from investing activities:    
Capital expenditures (191) (70)
Purchases of investment securities (804,352) (100,437)
Proceeds from sales and maturities of investment securities 192,053 141,746
Net cash (used in)/provided by investing activities (612,490) 41,239
Cash flows from financing activities:    
Proceeds from public offering 677,624 0
Payment of issuance costs in connection with public offering (1,544) 0
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs 58,731 0
Proceeds from exercise of stock options 14,858 599
Proceeds from issuance of common stock under employee stock purchase plan 120 129
Proceeds from exercise of warrants and pre-funded warrants 1 1
Net cash provided by financing activities 749,790 729
Increase/(decrease) in cash, cash equivalents and restricted cash 59,463 (9,554)
Cash, cash equivalents and restricted cash, beginning of period 51,254 23,022
Cash, cash equivalents and restricted cash, end of period 110,717 13,468
Supplemental Disclosure    
Cash and cash equivalents 110,549 13,237
Restricted cash 168 231
Total cash, cash equivalents and restricted cash 110,717 13,468
Receivable associated with exercise of stock options $ 386 $ 0