v3.26.1
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows used in operating activities:    
Net loss $ (24,306) $ (63,316)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 744 868
Noncash lease expense 777 767
Stock-based compensation 4,027 7,646
Amortization of premium and discount on marketable securities, net (701) (134)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (663) (1,379)
Accounts payable (2,033) (2,760)
Accrued expenses and other liabilities (4,681) (2,098)
Deferred revenue (10,284) 0
Operating lease liabilities (139) 100
Net cash used in operating activities (37,259) (60,306)
Cash flows provided by investing activities:    
Purchases of marketable securities (89,966) (34,127)
Proceeds from maturities of marketable securities 32,962 107,901
Purchases of property and equipment 0 (67)
Net cash (used in) provided by investing activities (57,004) 73,707
Cash flows used in financing activities:    
Proceeds from issuance of common stock and pre-funded warrants 90,000 0
Payment of withholding taxes related to stock-based compensation to employees (64) (7)
Payment of offering costs (4,661) 0
Proceeds from issuance of common stock in connection with the exercise of stock options 116 0
Proceeds from issuance of common stock under employee stock purchase plan 115 92
Principal payments on finance lease liabilities 0 (208)
Net cash provided by (used in) financing activities 85,506 (123)
Net (decrease) increase in cash, cash equivalents and restricted cash (8,757) 13,278
Cash, cash equivalents, and restricted cash at beginning of period 38,491 16,518
Cash, cash equivalents, and restricted cash at end of period 29,734 29,796
Supplemental disclosures of non-cash activities:    
Property and equipment in accounts payable and accrued expenses and other current liabilities 28 0
Offering costs in accounts payable and accrued expenses and other current liabilities 60 0
Unrealized loss on marketable securities $ (235) $ (36)