v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (68,935) $ (66,465)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 835 1,333
Stock-based compensation expense 16,296 6,463
Non-cash lease expense 1,674 1,543
Amortization of premiums on marketable securities, net 5  
Amortization of debt discount and debt issuance costs 498  
Other items, net 18 21
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,536) (1,750)
Other assets (412) 18
Accounts payable 418 1,846
Accrued expenses and other liabilities (90) (957)
Operating lease liabilities (1,843) (1,620)
Long-term liabilities (1,094)  
Net cash used in operating activities (54,166) (59,568)
Investing activities    
Purchases of marketable securities (186,031)  
Maturities of marketable securities 64,000  
Purchases of property and equipment (200) (692)
Net cash used in investing activities (122,231) (692)
Financing activities    
Proceeds from underwritten registered offering, net 145,659  
Proceeds from debt issuance, net 39,401  
Payment of debt issuance costs (939)  
Proceeds from exercise of stock option awards 5,775 126
Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan 998 612
Proceeds from initial public offering, net   130,200
Payment of success fee derivative   (500)
Net cash provided by financing activities 189,793 127,990
Net increase in cash, cash equivalents and restricted cash 13,396 67,730
Cash, cash equivalents, and restricted cash at beginning of the period 190,335 197,900
Cash, cash equivalents, and restricted cash at end of the period 203,731 265,630
Reconciliation to cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 202,643 264,541
Restricted cash 1,088 1,089
Total cash, cash equivalents, and restricted cash 203,731 265,630
Underwriting Agreement    
Financing activities    
Payment of offering costs (1,090)  
Private Placement    
Financing activities    
Payment of offering costs $ (11)  
Initial Public Offering    
Financing activities    
Payment of offering costs   $ (2,448)