v3.26.1
Condensed Statements of Cash Flows
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities      
Net loss $ (15,675,000) $ (37,248,000) $ (31,433,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation   4,593,000 3,490,000
Impairment of property and equipment 0 1,625,000 0
Depreciation and amortization   1,541,000 634,000
Accretion of investments, net   (500,000) (1,508,000)
Non-cash lease expense   7,062,000 1,674,000
Changes in operating assets and liabilities:      
Prepaid expenses and other assets   1,022,000 (210,000)
Accounts payable and accrued liabilities   (1,602,000) (884,000)
Operating lease liabilities   (12,438,000) 1,878,000
Net cash used in operating activities   (35,945,000) (26,359,000)
Cash flows from investing activities      
Purchases of investments   (37,800,000) (96,285,000)
Maturities of investments   75,503,000 110,744,000
Purchases of property and equipment   (46,000) (107,000)
Net cash provided by investing activities   37,657,000 14,352,000
Cash flows from financing activities      
Proceeds from the exercise of stock options   36,000 0
Proceeds from issuance of common stock under the Employee Stock Purchase Plan   37,000 117,000
Net cash provided by financing activities   73,000 117,000
Net increase (decrease) in cash, cash equivalents, and restricted cash   1,785,000 (11,890,000)
Cash, cash equivalents, and restricted cash at beginning of period   18,428,000 27,147,000
Cash, cash equivalents, and restricted cash at end of period 15,257,000 20,213,000 15,257,000
Components of cash, cash equivalents, and restricted cash      
Cash and cash equivalents 14,697,000 20,213,000 14,697,000
Restricted cash 560,000 0 560,000
Cash, cash equivalents, and restricted cash at end of period $ 15,257,000 20,213,000 15,257,000
Non-cash investing and financing activities      
Decrease in right-of-use assets due to remeasurement of lease liabilities   $ 36,597,000 $ 0