v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (48,521) $ (41,565)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,358 1,269
Stock-based compensation 3,458 3,601
Accretion of discounts and amortization of premiums on investments, net (315) (1,232)
Changes in operating assets and liabilities:    
Other receivables (including related party amounts of $61 and $(30), respectively) (74) 116
Prepaid expenses and other current assets 1,850 (3,614)
Other long-term assets (351) 229
Accounts payable (including related party amounts of $0 and $(271), respectively) 1,032 (168)
Accrued expenses (including related party amounts of $22 and $(715), respectively) 17 (1,481)
Operating lease right-of-use asset and lease liabilities, net 241 21
Net cash used in operating activities (41,305) (42,824)
Investing activities:    
Purchases of property and equipment (657) (1,566)
Purchases of investments (6,442) (24,591)
Maturities of investments 40,000 57,250
Net cash provided by investing activities 32,901 31,093
Financing activities:    
Proceeds from public offering of common stock and issuance of pre-funded warrants 300,000  
Issuance costs paid in connection with public offering of common stock and issuance of pre-funded warrants (16,793)  
Proceeds from exercise of stock options 67 138
Proceeds from purchase of ESPP shares 138 134
Payments to taxing authorities related to net-settlement of vested restricted stock units (210) (39)
Payments on finance leases (45) (66)
Net cash provided by financing activities 283,157 167
Net increase (decrease) in cash, cash equivalents and restricted cash 274,753 (11,564)
Cash, cash equivalents and restricted cash at beginning of period 27,162 40,493
Cash, cash equivalents and restricted cash at end of period 301,915 28,929
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet:    
Cash and cash equivalents 301,454 28,468
Restricted cash 461 461
Total cash, cash equivalents and restricted cash 301,915 28,929
Supplemental disclosures of noncash activities:    
Offering costs in accrued expenses 483  
Property and equipment purchases in accounts payable and accrued expenses $ 14 283
Right-of-use asset obtained in exchange for new operating lease liability   $ 442