v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net loss $ (48,350) $ (34,491)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,525 6,178
Depreciation expense 133 95
Non-cash interest expense (6) 140
Non-cash lease expense 128 113
(Gain) loss from changes in fair value on warrants 308 (48)
Accretion of net investment discounts (869) 0
Changes in operating assets and liabilities:    
Accounts receivable 144 (603)
Prepaid expenses and other current assets (4,856) (1,045)
Other assets 8 3
Accounts payable 2,906 (550)
Accrued expenses and other current liabilities 14 (4,224)
Deferred revenue (1,391) (2,900)
Net cash used in operating activities (43,306) (37,332)
INVESTING ACTIVITIES    
Purchase of property and equipment (354) (585)
Purchases of marketable securities (283,995) (101,544)
Maturities of marketable securities 73,082 8,500
Net cash used in investing activities (211,267) (93,629)
FINANCING ACTIVITIES    
Underwritten offering issuance costs paid (710) 0
Issuance costs paid on at-the market offering (215) 0
Deferred offering costs paid (81) 0
Term loan principal payments (2,000) (3,000)
Payment of term loan final fee for loan maturity (660) 0
Proceeds from issuance of common shares upon stock option exercises 3,180 0
Net cash provided by (used in) financing activities 139,681 (3,000)
Effect of changes in exchange rate on cash and cash equivalents (32) (58)
Net decrease in cash and cash equivalents (114,924) (134,019)
Cash and cash equivalents at end of period 188,888 354,349
Cash and cash equivalents at end of period 73,964 220,330
Supplemental non-cash disclosure:    
Deferred offering costs included in accounts payable and accrued expenses 133 0
Unpaid common stock issuance costs included in accounts payable and accrued expenses 48 0
Purchases of property and equipment in accounts payable and accrued expenses 38 18
Receivable from stock option exercises included in prepaid expenses and other current assets 1,069 0
Cash paid for interest 46 393
Right-of-use assets obtained in exchange for lease obligation 0 3,106
Over-Allotment Option [Member]    
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of underwriting discounts and commissions 124,315 0
At-the-Market Facility [Member]    
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of underwriting discounts and commissions $ 15,852 $ 0