v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (106,340) $ (76,913)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,078 1,036
Stock-based compensation 18,077 16,792
Accretion of discount on marketable securities, net (1,822) (4,126)
Amortization of right-of-use asset 109 85
Changes in assets and liabilities:    
Prepaid expenses and other assets 2,466 (3,950)
Accounts payable 2,227 2,707
Accrued compensation (3,854) (4,420)
Accrued other expenses and other liabilities 3,446 (1,293)
Lease liability (399) (366)
Net cash used in operating activities (85,012) (70,448)
Cash flows from investing activities    
Purchases of marketable securities (163,237) (385,942)
Sales of marketable securities 26,766 38,650
Maturities of marketable securities 217,686 229,118
Purchases of property and equipment (292) (94)
Net cash provided by (used in) investing activities 80,923 (118,268)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of offering costs   187,362
Exercise of stock options 14,467 2,494
Proceeds from Employee Stock Purchase Plan 793 598
Net cash provided by financing activities 15,260 190,454
Net change in cash and cash equivalents 11,171 1,738
Cash and cash equivalents at beginning of period 61,148 41,666
Cash and cash equivalents at end of period 72,319 43,404
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment purchases included in accounts payable $ 47 $ 78