v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (76,472) $ (50,795)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 439 496
Non-cash loss on sale of property and equipment 152 0
Net (accretion) and amortization of investments in marketable securities (19) (528)
Non-cash lease expense 1,177 894
Stock-based compensation expense 14,165 8,429
Changes in operating assets and liabilities:    
Accounts receivable (293) 0
Prepaid expenses and other current assets (2,344) (5,144)
Other assets 346 (548)
Accounts payable (1,374) 1,216
Accrued expenses and other current liabilities 11,086 784
Operating lease liabilities (1,379) (111)
Net cash used in operating activities (54,516) (45,307)
Cash flows from investing activities    
Purchases of short-term investments (70,044) (56,093)
Sale of short-term investments 10,075 0
Maturities of short-term investments 123,481 100,033
Purchases of property and equipment (164) (313)
Proceeds from sales of equipment 193 0
Net cash provided by investing activities 63,541 43,627
Cash flows from financing activities    
Payment of deferred offering costs (454) (63)
Proceeds from exercise of stock options 2,401 6
Repurchase of unvested restricted common stock (5) (1)
Net cash provided by (used in) financing activities 1,942 (58)
Net increase in cash, cash equivalents, and restricted cash 10,967 (1,738)
Cash, cash equivalents, and restricted cash at beginning of period 52,750 56,910
Cash, cash equivalents, and restricted cash at end of period 63,717 55,172
Supplemental disclosure for noncash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 0 10,499
Deferred offering costs included in accounts payable and accrued expenses at period end 0 262
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 63,612 55,067
Restricted cash 105 105
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 63,717 $ 55,172