v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (24,603) $ (28,562)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of discount on marketable securities (157) (761)
Non-cash operating lease expense 78 77
Stock-based compensation expense 5,530 3,070
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (826) (722)
Accounts payable, accrued expenses and other current liabilities 401 3,339
Operating lease liabilities (78) (78)
Other assets (55) 0
Net cash used in operating activities (19,710) (23,637)
Cash flows from investing activities    
Purchases of marketable securities (46,647) (58,528)
Sales and maturities of marketable securities 32,843 48,651
Net cash provided by investing activities (13,804) (9,877)
Cash flows from financing activities    
Proceeds from sale of Series A common stock 175,000 0
Payment of issuance costs (10,800) 0
Proceeds from exercise of stock options 96 1
Proceeds from purchases under employee stock purchase plan 93 0
Net cash provided by financing activities 164,389 1
Net (decrease) increase in cash and cash equivalents 130,875 (33,513)
Cash and cash equivalents at beginning of period 35,021 75,840
Cash and cash equivalents at end of period 165,896 42,327
Supplemental non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease obligations 1,951 152
Issuance costs included in accrued expenses and accounts payable 345 0
Deferred financing costs within accounts payable and accrued expenses $ 25 $ 0