v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities:        
Net (loss) income $ 50,177 $ 39,746 $ (77,328) $ 12,776
Adjustments to reconcile net (loss) to net cash used in operating activities:        
Depreciation and amortization     116 431
Stock-based compensation     4,998 1,828
Non-cash operating lease expense     900 901
Loss on amendment and cancellation of warrants 0 0 0 2,073
Loss on execution of the 2025 PIPE 0 0 0 71,084
Transaction costs allocated to pre-funded warrants and warrants issued in connection with the 2025 PIPE     0 2,777
Change in fair value of tranche liability     37,607 (47,860)
Change in fair value of warrant liabilities     20,753 (56,698)
Gain on settlement of tranche liability 0 0 0 (1,117)
Non-cash consideration received in connection with research service revenue     0 (462)
Gain on foreign currency remeasurement     0 (278)
Changes in operating assets and liabilities:        
Accounts receivable     (5,000) 0
Accounts receivable -related party     208 250
Prepaid expenses and other current assets     (255) 763
Other assets     31 36
Accounts payable     345 48
Accrued and other liabilities     (1,962) (989)
Operating Lease liabilities     (323) (955)
Net cash used in operating activities     (19,910) (15,392)
Investing activities:        
Purchases of property and equipment     (139) (45)
Net cash used in investing activities     (139) (45)
Financing activities:        
Proceeds from issuance of common stock under the ATM program, net of issuance costs     26,858 0
Proceeds from issuance of common stock upon exercise of warrants     5,535 0
Proceeds from issuance of common stock, pre-funded warrants and warrants in the 2025 PIPE, net of transaction costs     0 71,201
Proceeds from issuance of common stock upon exercise of options     183 0
Proceeds from issuance of common stock upon employee stock plan purchases     214 61
Net cash provided by financing activities     32,790 71,262
Net increase in cash, cash equivalents and restricted cash     12,741 55,825
Cash, cash equivalents and restricted cash at beginning of period     89,933 35,253
Cash, cash equivalents and restricted cash at end of period 102,674 91,078 102,674 91,078
Supplemental disclosure of noncash investing and financing activities:        
Issuance of common stock upon exercise of pre-funded warrants     0 677
Reconciliation Of Cash Cash Equivalents And Restricted Cash To Consolidated Balance Sheets Abstract        
Cash and cash equivalents 102,039 90,390 102,039 90,390
Restricted cash 635 688 635 688
Cash, cash equivalents and restricted cash $ 102,674 $ 91,078 $ 102,674 $ 91,078