v3.26.1
Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (230,505) $ (128,225)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 272 204
Accretion of discount and amortization of premium on purchase of debt securities (1,941) (4,421)
Accretion of loan exit fee and amortization of loan costs 1,285 377
Reduction in the carrying amount of operating lease right-of-use assets 236 901
Stock-based compensation 29,071 17,216
Upfront and milestone obligations under license agreements 15,000 800
Changes in operating assets and liabilities:    
Prepaid expense and other current assets (14,571) (4,162)
Other assets 0 158
Accounts payable (7,302) 5,492
Accrued and other liabilities 2,071 3,319
Operating lease liabilities (369) (863)
Net cash used in operating activities (206,753) (109,204)
Cash flows from investing activities    
Upfront and milestone payments under license agreements (15,000) (800)
Purchase of internal use software license (264) 0
Purchase of property and equipment (23) (395)
Purchase of marketable securities (308,617) (187,251)
Proceeds from maturities of marketable securities 218,948 232,307
Net cash provided by (used in) investing activities (104,956) 43,861
Cash flows from financing activities    
Proceeds from exercise of stock options and employee stock purchase plan 5,860 1,997
Proceeds from refinancing under loan and security agreement, net 0 23,338
Payment of deferred issuance costs related to unfunded loan commitments 0 (3,517)
Net cash provided by financing activities 5,860 21,818
Net decrease in cash and cash equivalents (305,849) (43,525)
Cash and cash equivalents, beginning of period 354,725 92,646
Cash and cash equivalents, end of period 48,876 49,121
Supplemental disclosure of cash flow information    
Cash paid for interest expense 3,280 3,238
Internal-use software license acquired through accrued liabilities $ 247 $ 0