v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows Provided by (Used in) Operating Activities:    
Net income (loss) $ 35,387 $ (19,142)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 5 54
Loss on disposal of assets 18 0
Net accretion of discounts/premiums on debt securities (56) (363)
Share-based compensation 1,037 3,493
Loss on investment in joint venture 0 874
Changes in operating assets and liabilities:    
Prepaid expenses, operating lease right-of-use assets and other current assets 2,288 (2,085)
Accounts payable 707 (159)
Accrued expenses, tax liability and operating lease liabilities (1,233) (832)
Deferred revenue (212) (424)
Net cash provided by (used in) operating activities 37,941 (18,584)
Cash Flows Provided by Investing Activities:    
Purchases of marketable securities 0 (9,884)
Proceeds from maturities of marketable securities 23,400 25,500
Investment in joint venture 0 (1,500)
Net cash provided by investing activities 23,400 14,116
Cash Flows Provided by Financing Activities:    
Proceeds from the issuance of common stock under the stock purchase plan 13 10
Proceeds from the issuance of common stock from exercise of stock options 121 0
Net cash provided by financing activities 134 10
Net increase (decrease) in cash and cash equivalents 61,475 (4,458)
Cash and cash equivalents — beginning of period 31,374 13,903
Cash and cash equivalents — end of period $ 92,849 $ 9,445