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 $ (91,050) $ (79,670)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,214 2,566
Loss from disposal of property and equipment 606 380
Right-of-use asset impairment expense 0 5,440
Accretion of discount on marketable securities (225) (732)
Stock-based compensation expense 8,258 6,687
Non-cash rent expense 1,757 1,523
Change in fair value of contingent consideration and warrant liability 8,913 (6,214)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,588) (245)
Other non-current assets (217) 5,058
Accounts payable (313) 991
Lease liabilities (2,480) (1,908)
Accrued expenses and other current liabilities (1,418) (6,758)
Net cash used in operating activities (75,543) (72,882)
Cash flows from investing activities:    
Maturities of marketable securities 69,900 58,250
Purchases of marketable securities (246,489) 0
Proceeds from sale of property and equipment 281 138
Purchases of property and equipment (334) (956)
Net cash (used in) provided by investing activities (176,642) 57,432
Cash flows from financing activities:    
Proceeds from the exercise of common stock options 1,237 235
Proceeds from the exercise of common stock warrants 0 6
Principal payments on finance leases (70) (70)
Proceeds from the issuance of common stock upon IPO, net of offering costs 291,477 0
Proceeds from the issuance of convertible preferred stock, net of issuance costs 0 118,752
Net cash provided by financing activities 292,644 118,923
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 128 392
Increase in cash, cash equivalents and restricted cash 40,587 103,865
Cash, cash equivalents and restricted cash, beginning of period 44,897 62,346
Cash, cash equivalents and restricted cash, end of period 85,484 166,211
Cash and cash equivalents, end of period 82,031 163,001
Restricted cash, included in other non-current assets, end of period 3,453 3,210
Total cash, cash equivalents and restricted cash, end of period 85,484 166,211
Supplemental cash flow information:    
Cash paid for income taxes 125 164
Cash paid for interest 14 2
Supplemental disclosure of non-cash financing and investing activities:    
Offering costs included in accounts payable and accrued expenses and other current liabilities 3,303 0
Right-of-use assets obtained in exchange for new finance lease liabilities 278 0
Remeasurement of right-of-use assets and lease liabilities 0 0
Conversion of preferred stock and preferred stock warrants into common stock and common stock warrants, upon initial public offering 703,630 0
Conversion of preferred stock into common stock 0 7,366
Unrealized loss on marketable securities $ 644 $ 35