v3.26.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities:    
Net loss $ (53,920) $ (28,122)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,052 1,100
Net amortization of premiums and accretion of discounts on investments (1,548) (673)
Depreciation and amortization 901 752
Change in fair value of convertible preferred stock forward   (8,928)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 858 (5,416)
Accounts payable (2,766) (4,591)
Accrued liabilities 1,141 (813)
Operating lease liabilities (537) (416)
Deferred revenue   (3,000)
Net cash used in operating activities (47,819) (50,107)
Cash flows from investing activities:    
Purchases of investments (126,416) 0
Maturities of investments 72,617 31,500
Purchase of property and equipment (266) 0
Net cash (used in) provided by investing activities (54,065) 31,500
Cash flows from financing activities:    
Proceeds from private placement financing, net of transaction costs 117,140 0
Proceeds from issuance of convertible preferred stock, net of issuance costs   65,228
Proceeds from exercise of stock options 732 6
Payment of deferred offering costs   (736)
Principal payments of finance lease liability (229) (192)
Principal payments of financing obligation 0 (117)
Net cash provided by (used in) financing activities 117,643 64,189
Net increase (decrease) in cash, cash equivalents and restricted cash 15,759 45,582
Cash, cash equivalents and restricted cash - beginning of period 45,478 16,463
Cash, cash equivalents and restricted cash - end of period 61,237 62,045
Components of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 60,034 61,837
Restricted cash 1,203 208
Total cash, cash equivalents, and restricted cash 61,237 62,045
Supplemental cash flow disclosures:    
Cash paid for interest 4 7
Deferred offering costs in accrued expenses   583
Non-cash investing and financing activities:    
Unpaid fixed asset purchases 54 0
Vesting of early exercised stock options 16 20
Operating lease liabilities arising from obtaining right-of-use assets 6,682 0
Assets acquired under finance leases $ 652 $ 0