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 $ (172,307) $ (75,464)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 17,053 7,229
Integration bonus expense 0 14,360
Depreciation and amortization expense 3,221 1,527
Amortization of premiums and accretion of discounts on investments (1,848) 0
Change in fair value of preferred stock tranche obligations (0) 3,912
Change in fair value of contingent milestone liabilities 43,529 0
Acquired intellectual property rights 1,400 0
Bargain purchase gain 0 (5,232)
Deferred income tax benefit 0 (4,167)
Amortization of right-of-use assets 1,078 709
Other non-cash charges (2,570) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,348) (3,710)
Other non-current assets 814 (797)
Accounts payable 3,776 796
Accrued expenses and other current liabilities 920 7,620
Operating lease liabilities (1,045) 442
Net cash used in operating activities (107,327) (52,775)
Cash flows from investing activities    
Proceeds from maturities of investments 185,226 0
Purchases of investments (235,218) 0
Purchases of property and equipment (2,090) (2,561)
Purchases of intangible assets 0 (41)
Capitalized software development costs (2,810) 0
Acquisition of Prolaio, net of cash acquired 0 (3,961)
Net cash used in investing activities (54,892) (6,563)
Cash flows from financing activities    
Proceeds from issuance of preferred stock, net of issuance cost 9,997 100,000
Proceeds from issuance of common stock upon IPO, net of underwriting discounts and commissions 427,800 0
Payments of offering costs (1,795) 0
Proceeds from exercise of stock options 1,233 184
Net cash provided by financing activities 437,235 100,184
Net increase in cash, cash equivalents and restricted cash 275,016 40,846
Cash, cash equivalents and restricted cash at beginning of period 109,529 49,815
Cash, cash equivalents and restricted cash at end of period 384,545 90,661
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 384,005 90,121
Restricted cash 540 540
Total cash, cash equivalents and restricted cash 384,545 90,661
Supplemental disclosure of non-cash financing and investing activities    
Right-of-use asset obtained in exchange for lease obligation 560 278
Purchases of property and equipment included in accounts payable and accrued expenses 272 704
Conversion of redeemable convertible preferred stock to common stock upon IPO 597,547  
IPO offering costs included in accounts payable and accrued expenses 3,583 0
Issuance of preferred stock as consideration for intellectual property rights (1,400) 0
Settlement of preferred stock tranche obligations 0 (1,662)
Vesting of early-exercised stock options and restricted common stock $ 268 $ 120