v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net loss $ (139,258) $ (75,878)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,691 180
Stock-based compensation expense 20,808 12,158
Unrealized losses (gains) on short-term investments 4,668 (2,166)
Non-cash interest expense (income) 92 (675)
Non-cash lease expense 38 13
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,882) 234
Accounts receivable, net 271  
Inventory 562  
Other assets (3,051) (13)
Accounts payable 7,013 608
Accrued expenses and other current liabilities 9,345 8,303
Other liabilities (654)  
Net cash used in operating activities (103,357) (57,236)
Investing Activities    
Proceeds from sales and maturities of investments 479,755 370,520
Purchases of investments (783,400) (529,852)
Issuance of note receivable   (26,000)
Purchases of property and equipment (772) (30)
Net cash used in investing activities (304,417) (185,362)
Financing Activities    
Proceeds from follow-on public offerings, net of issuance costs 391,550  
Proceeds from exercise of common stock options 3,750 701
Withholding taxes paid on net exercise of stock options (194)  
Stock issuance costs (186) (547)
Net cash provided by financing activities 394,920 154
Net decrease in cash and cash equivalents (12,854) (242,444)
Cash and cash equivalents at beginning of period 32,490 257,068
Cash and cash equivalents at end of period 19,636 14,624
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 94  
Cash paid for taxes 13 11
Non-cash Investing and Financing Activities:    
Operating lease right-of-use asset obtained in exchange for lease liabilities $ 2,295 $ 859