v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (35,975) $ (23,677)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,954 867
Non-cash lease expense 175 213
Unrealized loss on short-term investments 11 22
Amortization of discount on short-term investments (137) (701)
Depreciation expense 22 16
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (187) (4,278)
Accounts payable 14 3,223
Accrued liabilities (4,135) 3,217
Operating lease liability (210) (134)
Net cash used in operating activities (36,468) (21,232)
Investing activities:    
Purchases of short-term investments 0 (124,651)
Maturities/sales of short-term investments 63,000 21,527
Purchases of property and equipment 0 (91)
Net cash provided by (used in) investing activities 63,000 (103,215)
Financing activities:    
Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts 0 91,075
Financing costs paid in connection with initial public offering 0 (2,387)
Proceeds from issuance of common stock under employee stock purchase plan 259 0
Proceeds from exercises of common stock options 7 116
Net cash provided by financing activities 266 88,804
Net increase (decrease) in cash and cash equivalents 26,798 (35,643)
Cash and cash equivalents at beginning of period 47,051 61,641
Cash and cash equivalents at end of period 73,849 25,998
Supplemental schedule of non-cash financing activity:    
Operating right-of-use assets in exchange for operating lease liability 446 0
Conversion of convertible preferred stock into common stock upon initial public offering $ 0 $ 126,756