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 $ (89,049) $ (48,411)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 586 560
Stock-based compensation 11,357 6,484
Non-cash net gain on lease termination (5,108)  
Change in fair value of warrant liability   171
Non-cash change in fair value of term loan 115 441
Non-cash lease expense 556 647
Other 123 236
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,439) (570)
Accounts payable 5,846 3,921
Accrued expenses and other liabilities (4,290) (1,393)
Deferred revenue   (4,288)
Net cash used in operating activities (81,303) (42,202)
Cash flows from investing activities    
Purchase of research and development license (3,000)  
Purchase of property, plant and equipment (23) (380)
Other   71
Net cash used in investing activities (3,023) (309)
Cash flows from financing activities    
Proceeds from issuance of common stock and pre-funded warrants from underwritten public offering, net of underwriting discounts and sales commissions and other offering costs 216,139 216,170
Payment of shelf registration costs   (47)
Proceeds from common stock issuances under ESPP 176 75
Proceeds from stock option exercises 957  
Other 94 38
Net cash provided by financing activities 217,366 216,236
Net increase in cash, cash equivalents and restricted cash 133,040 173,725
Cash, cash equivalents and restricted cash at the beginning of the period 322,531 141,636
Cash, cash equivalents and restricted cash at the end of the period 455,571 315,361
Cash and cash equivalents 455,407 312,761
Restricted cash 164 2,600
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,890 2,586
Supplemental disclosure of noncash investing and financing activities:    
Property, plant and equipment in accounts payable and accrued expenses 243  
Offering costs not yet paid $ 378 $ 411