v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (111,536) $ (78,762)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount on available-for-sale securities (1,984) (800)
Equity-based compensation expense 10,768 6,486
Depreciation and amortization expense 786 793
Non-cash lease expense 1,257 1,162
Change in fair value of derivative liabilities 2,500 2,550
Other 25 55
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (324) (2,060)
Accounts payable 1,139 467
Change in operating lease liability (1,006) (848)
Accrued expenses and other liabilities (1,442) 1,695
Net cash used in operating activities (99,817) (69,262)
Cash flows from investing activities:    
Purchases of property and equipment (315) (503)
Proceeds from maturities of available-for-sale securities 146,880 69,000
Purchases of available-for-sale securities (235,396) (128,777)
Other 0 85
Net cash used in investing activities (88,831) (60,195)
Cash flows from financing activities:    
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of underwriting discounts and commissions 0 189,637
Payments of common stock and pre-funded warrants issuance costs in public offering 0 (1,681)
Proceeds from issuance of common stock and pre-funded warrants in private placement 239,972 0
Payments of common stock and pre-funded warrants issuance costs in private placement (13,644) 0
Proceeds from issuance of common stock in at-the-market public offering, net of sales commissions 60,801 246
Proceeds from exercises of common stock options 78 6
Employee stock purchase plan purchases 291 196
Payments of principal portion of finance lease obligations 0 (277)
Net cash provided by financing activities 287,498 188,127
Net increase in cash, cash equivalents, and restricted cash 98,850 58,670
Cash, cash equivalents, and restricted cash at beginning of period 61,890 82,187
Cash, cash equivalents, and restricted cash at end of period 160,740 140,857
Supplemental disclosure of cash flow information:    
Cash paid for Interest 0 128
Supplemental disclosure of non-cash investing, financing and operating activities:    
Common stock issued as payment for developmental milestone consideration 7,500 5,000
Property and equipment purchases included in accounts payable and accrued expenses $ 285 $ 0