v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (65,422) $ (44,663)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,491 7,456
Depreciation and impairment of property and equipment 1,660 1,503
Non-cash operating lease expense 385 399
Amortization of finance lease right-of-use assets 14 26
Amortization and accretion of premiums/discounts on held-to-maturity investments (718) (3,220)
Change in contingent value rights liability (659) 78
Changes in assets and liabilities:    
Prepaid expenses and other current assets (774) (949)
Other assets (74) (121)
Accounts payable 1,298 719
Accrued expenses and other liabilities 4,454 (31)
Operating lease liabilities (1,535) (1,433)
Net cash used in operating activities (49,880) (40,236)
Investing activities    
Purchases of property and equipment (635) (928)
Purchases of held-to-maturity investments (196,161) (149,367)
Proceeds from maturities of held-to-maturity investments 249,140 112,700
Net cash provided by (used in) investing activities 52,344 (37,595)
Financing activities    
Proceeds from the issuance of common stock upon exercise of options 223 87
Principal payments on finance leases (11) (29)
Proceeds from sale of common stock in at-the-market offering, net of offering costs 5,914 0
Proceeds from the issuance of common stock under the 2023 Employee Stock Purchase Plan 67 0
Deferred costs related to offering (17) 0
Net cash provided by financing activities 6,176 58
Net increase (decrease) in cash, cash equivalents and restricted cash 8,640 (77,773)
Cash, cash equivalents and restricted cash at beginning of period 104,184 136,925
Cash, cash equivalents and restricted cash at end of period 112,824 59,152
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment included in accounts payable and accrued expenses 43 128
Deferred offering costs reclassified to additional paid-in capital 10 0
Supplemental cash flow information:    
Cash paid for interest $ 1 $ 3