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 $ (227,519) $ (64,842)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,439 1,609
Stock-based compensation expense 18,066 13,111
In-process research and development expenses 150,000 7,500
Accretion on marketable securities, net (1,274) (3,485)
Realized gain from sales of marketable securities, net (47)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current and long-term assets 1,175 516
Accounts payable 970 1,195
Accrued expenses and other current and long-term liabilities 3,408 (6,628)
Operating lease assets and liabilities, net (871) (1,062)
Net cash used in operating activities (54,653) (52,086)
Cash flows from investing activities:    
Purchases of marketable securities (253,170) (67,204)
Maturities of marketable securities 78,050 122,827
Sales of marketable securities 100,826  
In-process research and development (150,000) (5,500)
Purchases of property and equipment (44) (113)
Net cash (used in) provided by investing activities (224,338) 50,010
Cash flows from financing activities:    
Proceeds from issuance of common stock in underwritten offering 258,750  
Issuance costs associated with underwritten offering (16,044)  
Payments of deferred offering costs (300)  
Proceeds from the exercise of stock options 4,553 76
Proceeds from issuance of common stock under the Employee Stock Purchase Plan 769 404
Net cash provided by financing activities 247,728 480
Net decrease in cash, cash equivalents, and restricted cash (31,263) (1,596)
Cash, cash equivalents and restricted cash at beginning of the period 74,213 68,147
Cash, cash equivalents and restricted cash at end of the period 42,950 66,551
Supplemental disclosure of noncash investing and financing activities:    
Amounts accrued for in-process research and development   $ 2,000
Amounts accrued for deferred offering costs $ 241