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 $ (80,293) $ (67,236)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 99 85
Stock-based compensation expense 9,001 5,232
Net amortization of premiums and accretion of discounts on short-term investments (793) (2,720)
Non-cash lease expense 307 272
Changes in operating assets and liabilities:    
Accounts receivable (104) (324)
Prepaid expenses and other assets (7,903) (15,658)
Accounts payable (412) (1,456)
Accrued expenses and other current liabilities (3,060) 1,674
Operating lease liabilities (315) (273)
Net cash used in operating activities (83,473) (80,404)
Cash flows from investing activities:    
Purchases of short-term investments (65,363) (323,138)
Maturities of short-term investments 123,524 122,577
Purchases of equipment 0 (47)
Net cash provided by (used in) investing activities 58,161 (200,608)
Cash flows from financing activities:    
Proceeds from issuance of common stock in connection with at-the-market offering, net of commissions 2,083 0
Proceeds from issuance of common stock under stock plans 1,048 612
Payments of initial public offering costs 0 (34)
Net cash provided by financing activities 3,131 578
Net decrease in cash, cash equivalents and restricted cash (22,181) (280,434)
Cash, cash equivalents and restricted cash at beginning of period 101,772 326,086
Cash, cash equivalents and restricted cash at end of period 79,591 45,652
Cash, cash equivalents and restricted cash at end of period:    
Cash and cash equivalents 79,397 45,458
Restricted cash 194 194
Total cash, cash equivalents and restricted cash at end of period $ 79,591 $ 45,652