v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (52,975) $ (39,662)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net accretion of discounts on available-for-sale securities (1,151) (1,765)
Depreciation and amortization expense 2,267 1,465
Share-based compensation 5,599 4,501
Other noncash income, net 114 222
Changes in operating assets and liabilities:    
Accounts receivable, net (263) (109)
Interest receivable (250) (286)
Prepaid expenses and other current assets (482) 259
Accounts payable and accrued expenses (3,581) (4,548)
Deferred Income [1] 0 (1,400)
Accrued personnel expenses (1,517) (441)
Other noncurrent liabilities 121 229
Net cash used in operating activities (52,118) (41,535)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property and equipment (21,053) (5,682)
Additions to other assets (21) (45)
Purchases of available-for-sale securities (185,952) (67,094)
Maturities of available-for-sale securities 112,492 71,520
Net cash used in investing activities (94,534) (1,301)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable (28) (26)
Proceeds from sales of common stock, pursuant to exercise of options 450 145
Proceeds from sale of common stock pursuant to at-the-market offering, net [1] 0 9,986
Proceeds from issuance of common stock and Pre-funded Warrants, net [1] 164,089 0
Net cash provided by financing activities 164,511 10,105
Net increase (decrease) in cash and cash equivalents 17,859 (32,731)
Cash and cash equivalents at beginning of period 30,629 61,580
CASH AND CASH EQUIVALENTS AT END OF PERIOD 48,488 28,849
Supplemental schedule of noncash investing and financing activities:    
Additions to property and equipment in accounts payable and accrued expenses 12,411 1,058
Recognition of operating lease liability and right-of-use asset $ 1,250 $ 0
[1] See Note 3, Investments and Agreements, for additional information.