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 $ (193,757) $ (145,515)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,367 1,295
Stock-based compensation expense 34,015 19,724
Amortization of operating leases, right-of-use assets 1,157 1,000
Net amortization (accretion) of premiums (discounts) on marketable securities (2,141) (739)
Amortization of debt discount and issuance costs 562 63
Loss on fixed asset disposal 134 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,538) 2,235
Other assets 1,362 0
Accounts payable (2,016) 4,612
Accrued expenses and other current liabilities (2,583) (2,979)
Operating lease liability (773) (758)
Other liabilities 57 9
Net cash used in operating activities (164,154) (121,053)
Cash flows from investing activities:    
Purchases of property and equipment (819) (678)
Purchases of marketable securities (216,645) (67,883)
Maturities and sales of marketable securities 195,287 146,850
Net cash (used in) provided by investing activities (22,177) 78,289
Cash flows from financing activities:    
Proceeds from long-term debt 0 49,291
Payment of debt issuance costs 0 (2,069)
Proceeds from issuance of common stock under ATM, net of issuance costs of $1.4 million and $0.7 million, respectively 45,712 24,250
Proceeds from pre-funded warrant exercises 6 0
Proceeds from issuance of common stock upon stock option exercises 8,711 141
Proceeds from issuance of common stock from Employee Stock Purchase Plan 1,062 584
Net cash provided by financing activities 55,491 72,197
Net (decrease) increase in cash, cash equivalents and restricted cash (130,840) 29,433
Cash, cash equivalents and restricted cash at beginning of period 312,428 98,165
Cash, cash equivalents and restricted cash at end of period 181,588 127,598
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,838 252
Supplemental disclosure of noncash investing and financing information:    
Right-of-use assets obtained in exchange for new operating lease liabilities 5,675 0
Stock options exercised for which cash proceeds had not yet been received 1,392 0
Debt discount included in accrued expenses and other liabilities 0 3,100
Debt issuance costs included in accounts payable and accrued expenses 0 236
Series A Preferred Stock [Member]    
Supplemental disclosure of noncash investing and financing information:    
Conversion of Series A Preferred Stock into common shares $ 24,640 $ 2,685