v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net Income (Loss) $ (70,657) $ (10,177)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,467 969
Depreciation 179 155
Noncash lease expense 143 55
Realized gain on sale of marketable securities, net 0 (119)
Amortization (accretion) of premium (discounts) on investments, net (53) (12)
Loss (gain) on change in fair value of derivative instruments 462 (579)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (14,292) 324
Operating lease liabilities (156) 58
Accrued interest on marketable securities (20) 40
Accounts payable and accrued expenses 16,008 (4,446)
Net cash used in operating activities (60,919) (13,732)
Investing Activities    
Purchases of property and equipment (395) (12)
Purchase of marketable securities (9,748) 0
Proceeds from the sale of marketable securities 0 2,501
Maturities of marketable securities 10,200 2,500
Net cash (used in) provided by investing activities 57 4,989
Financing Activities    
Proceeds from issuance of common stock and pre-funded warrants in a private placement 100,000 0
Payment of issuance costs for private placement (6,265) 0
Proceeds from exercise of options 50 0
Proceeds from exercise of warrants 27 0
Net cash provided by financing activities 93,812 0
Net increase (decrease) in cash, cash equivalents and restricted cash 32,950 (8,743)
Cash, cash equivalents and restricted cash, beginning of period 250,943 23,476
Cash, cash equivalents and restricted cash, end of period 283,893 14,733
Supplemental disclosures of noncash investing and financing activities    
Exercise of liability-classified warrants 397 0
Right-of-use assets obtained in exchange for operating lease liabilities 1,397 0
Leasehold improvements paid by lessor $ 407 $ 0