v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows used in operating activities:    
Net loss $ (29,919) $ (26,160)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 5,148 3,611
Depreciation 1,742 1,865
Non-cash operating lease expense (417) 241
Net accretion of investments (243) (1)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (561) 2,020
Other assets (26) 32
Accounts payable 1,613 (1,944)
Accrued expenses and other current liabilities (1,162) (1,637)
Non-current operating lease liabilities 216 (490)
Net cash used in operating activities (23,609) (22,463)
Cash flows from investing activities:    
Maturities of investments 23,914 15,600
Purchases of investments (144,871) 0
Purchase of property and equipment (141) 0
Net cash (used in) provided by investing activities (121,098) 15,600
Cash flows from financing activities:    
Proceeds from sale of common stock, pre-funded warrants and common stock warrants, net of offering costs 100,989 0
Proceeds from the exercise of common stock warrants 52,778 0
Proceeds from the exercises of stock options and purchases pursuant to employee stock purchase plan 316 8
Taxes paid related to net share settlement of equity awards (269) (65)
Net cash provided by (used in) financing activities 153,814 (57)
Net increase (decrease) in cash and cash equivalents 9,107 (6,920)
Cash and cash equivalents, beginning of period 63,299 50,467
Cash and cash equivalents, end of period 54,192 57,387
Supplemental disclosures of non-cash financial activities:    
Unrealized loss on investments 69 0
Offering costs in accounts payable 228 0
Changes in lease balances resulting from lease modification $ 678 $ 0