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 $ (43,471) $ (36,514)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 36 240
Share-based compensation 9,895 5,305
Amortization of premium and discount on marketable securities (404) (102)
ROU asset amortization 708 491
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (98) 783
Accounts payable 1,321 346
Accrued expenses 202 4,705
Operating lease liability (196) (294)
Net cash used in operating activities (32,007) (25,040)
Cash flows from investing activities:    
Purchase of property and equipment (258) (18)
Purchases of marketable securities (85,430) (58,005)
Proceeds from sale or maturities of marketable securities 119,140 63,251
Net cash provided by investing activities 33,452 5,228
Cash flows from financing activities:    
Proceeds from exercise of common stock 3,854 0
Taxes paid related to net shares settlement of RSUs (489) (815)
Net cash provided by (used in) financing activities 3,365 (815)
Net change in cash, cash equivalents and restricted cash 4,810 (20,627)
Cash, cash equivalents and restricted cash at beginning of period 31,211 44,051
Cash, cash equivalents and restricted cash at end of period 36,021 23,424
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets    
Cash and cash equivalents 35,453 22,856
Restricted cash 568 568
Total cash, cash equivalents and restricted cash 36,021 23,424
Supplemental disclosure of cash flow information    
Unrealized loss on marketable securities $ 531 $ 2