v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (46,837) $ (27,515)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 3,333 953
Depreciation and amortization 148 152
Non-cash lease expense 313 283
Accretion of discount on available-for-sale debt securities (2,135) (331)
Other non-cash items   (910)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 528 (746)
Other non-current assets (1,755) (834)
Accounts payable 498 564
Accrued expenses and other current liabilities 2,002 316
Operating lease liabilities (316) (281)
Other non-current liabilities   (17)
Net cash used in operating activities (44,221) (28,366)
Cash flows from investing activities:    
Purchases of available-for-sale debt securities (148,208) (19,948)
Maturities of available-for-sale debt securities 25,059 35,472
Purchases of property and equipment (135) (16)
Net cash (used in) provided by investing activities (123,284) 15,508
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs of $29.6 million 317,165  
Principal payments on finance lease (46) (59)
Net cash provided by (used in) financing activities 317,119 (59)
Effect of foreign exchange rate changes on cash and cash equivalents (222)  
Net increase (decrease) in cash and cash equivalents 149,392 (12,917)
Cash and cash equivalents at beginning of period 87,974 74,407
Cash and cash equivalents at end of period 237,366 61,490
Supplemental disclosure of cash flow activities:    
Cash paid for interest   7
Cash paid for income taxes   $ 197
Supplemental disclosure of non-cash investing and financing activities:    
Deferred offering costs included in accrued expenses and accounts payable $ 122