v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net loss     $ (60,612) $ (43,291)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation expense     11,548 3,776  
Non cash operating lease expense     154 69  
Accretion and amortization of marketable securities, net     (1,000) (2,322)  
Depreciation expense $ 100 $ 100 143 138  
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     (467) 853  
Accounts payable     745 447  
Accrued expenses     6,340 305  
Other assets     0 (566)  
Operating lease right-of-use assets     (2,426) 0  
Operating lease liabilities     2,745 479  
Net cash used in operating activities     (42,830) (40,112)  
Cash flows from investing activities:          
Purchases of property and equipment     (1,338) (737)  
Purchases of marketable securities     (208,049) (106,323)  
Maturities of marketable securities     141,500 130,272  
Call redemptions of marketable securities     0 6,000  
Net cash (used in) provided by investing activities     (67,887) 29,212  
Cash flows from financing activities:          
Proceeds from at-the-market offering, net of underwriting discounts and commissions     85,371 0  
Proceeds from exercise of common stock options     4,636 1,330  
Proceeds from ESPP purchases     254 0  
Payments related to offering costs     (505) 0  
Net cash provided by financing activities     89,756 1,330  
Net decrease in cash and cash equivalents     (20,961) (9,570)  
Cash, cash equivalents and restricted cash, beginning of period     75,289 49,351 $ 49,351
Cash, cash equivalents and restricted cash, end of period $ 54,328 $ 39,781 54,328 39,781 $ 75,289
Supplemental disclosure of non-cash investing and financing activities:          
Vesting of early exercised stock options     1 27  
Property and equipment in accounts payable and accrued expenses     733 7  
Tenant allowance leasehold improvement included in operating lease right-of-use asset     341 65  
Proceeds from exercise common stock options included in accounts receivable     980 0  
Deferred public offering costs included in accounts payable and accrued expenses     $ 15 $ 0