v3.26.1
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands
Common stock
Additional paid-in capital
Accumulated Other Comprehensive (Loss)
Accumulated deficit
Total
Beginning balance at Dec. 31, 2024 $ 3 $ 496,195 $ (211) $ (238,333) $ 257,654
Beginning balance (in shares) at Dec. 31, 2024 33,706,765        
Changes in stockholder's equity          
Issuance of common stock, net of issuance costs $ 1 6,516     6,517
Issuance of common stock, net of issuance costs (in shares) 264,458        
Exercise of stock options   293     293
Exercise of stock options (in shares) 69,773        
Stock-based compensation expense   2,271     2,271
Unrealized gain (loss) on investments     194   194
Net Income (Loss)       (64,387) (64,387)
Ending balance at Mar. 31, 2025 $ 4 505,275 (17) (302,720) 202,542
Ending balance (in shares) at Mar. 31, 2025 34,040,996        
Beginning balance at Dec. 31, 2024 $ 3 496,195 (211) (238,333) 257,654
Beginning balance (in shares) at Dec. 31, 2024 33,706,765        
Changes in stockholder's equity          
Unrealized gain (loss) on investments         193
Net Income (Loss)         (95,786)
Ending balance at Jun. 30, 2025 $ 4 584,003 (18) (334,119) 249,870
Ending balance (in shares) at Jun. 30, 2025 37,490,439        
Beginning balance at Mar. 31, 2025 $ 4 505,275 (17) (302,720) 202,542
Beginning balance (in shares) at Mar. 31, 2025 34,040,996        
Changes in stockholder's equity          
Issuance of common stock, net of issuance costs   75,341     75,341
Issuance of common stock, net of issuance costs (in shares) 3,428,766        
Exercise of stock options   76     76
Exercise of stock options (in shares) 20,677        
Stock-based compensation expense   3,311     3,311
Unrealized gain (loss) on investments     (1)   (1)
Net Income (Loss)       (31,399) (31,399)
Ending balance at Jun. 30, 2025 $ 4 584,003 (18) (334,119) 249,870
Ending balance (in shares) at Jun. 30, 2025 37,490,439        
Beginning balance at Dec. 31, 2025 $ 4 711,847 14 (404,641) 307,224
Beginning balance (in shares) at Dec. 31, 2025 42,452,251        
Changes in stockholder's equity          
Issuance of common stock, net of issuance costs $ 1 54,724     54,725
Issuance of common stock, net of issuance costs (in shares) 2,425,495        
Exercise of stock options   150     150
Exercise of stock options (in shares) 31,195        
Exercise of pre-funded warrants (in shares) 400,000        
Stock-based compensation expense   5,485     5,485
Unrealized gain (loss) on investments     (284)   (284)
Net Income (Loss)       (43,320) (43,320)
Ending balance at Mar. 31, 2026 $ 5 772,206 (270) (447,961) 323,980
Ending balance (in shares) at Mar. 31, 2026 45,308,941        
Beginning balance at Dec. 31, 2025 $ 4 711,847 14 (404,641) $ 307,224
Beginning balance (in shares) at Dec. 31, 2025 42,452,251        
Changes in stockholder's equity          
Exercise of stock options (in shares)         109,022
Exercise of pre-funded warrants (in shares)         400,000
Unrealized gain (loss) on investments         $ (282)
Net Income (Loss)         (93,213)
Ending balance at Jun. 30, 2026 $ 5 864,957 (267) (497,854) 366,841
Ending balance (in shares) at Jun. 30, 2026 48,319,591        
Beginning balance at Mar. 31, 2026 $ 5 772,206 (270) (447,961) 323,980
Beginning balance (in shares) at Mar. 31, 2026 45,308,941        
Changes in stockholder's equity          
Issuance of common stock, net of issuance costs   85,234     85,234
Issuance of common stock, net of issuance costs (in shares) 2,932,823        
Exercise of stock options   852     852
Exercise of stock options (in shares) 77,827        
Stock-based compensation expense   6,665     6,665
Unrealized gain (loss) on investments     3   3
Net Income (Loss)       (49,893) (49,893)
Ending balance at Jun. 30, 2026 $ 5 $ 864,957 $ (267) $ (497,854) $ 366,841
Ending balance (in shares) at Jun. 30, 2026 48,319,591