v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (111,647) $ (64,234)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation 14,096 6,943
Depreciation 88 38
Non-cash lease expense 550 349
Net amortization of premiums and discounts on marketable securities 575 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 689 4,743
Operating lease liabilities (547) (323)
Net cash used in operating activities (81,714) (53,700)
Investing activities:    
Purchase of marketable securities (244,929) 0
Proceeds from maturities and sales of marketable securities 161,000 0
Purchase of property and equipment (120) 0
Net cash used in investing activities (84,049) 0
Financing activities:    
Proceeds from issuance of common stock and accompanying pre-funded warrants, net of issuance costs 161,763 0
Proceeds from exercise of options 3,914 595
Net cash provided by financing activities 165,677 595
Net decrease in cash and cash equivalents (86) (53,105)
Cash and cash equivalents at beginning of period 96,685 489,711
Cash and cash equivalents at end of period 96,599 436,606
Supplemental disclosure of cash flow information:    
Cash paid for taxes 155 124
Non-cash investing and financing activities:    
Right-of-use asset obtained in exchange for lease liability 0 1,878
Vesting of early exercise stock options 0 17
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses 16,686 (2,715)
Related Party    
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses $ (2,204) $ 1,499