v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (93,213) $ (95,786)
Adjustment to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 12,150 5,582
Amortization (accretion) of bond premiums/discounts (1,074)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,008) (6,346)
Other assets 84  
Accounts payable (3,704) 280
Accrued expenses 5,312 2,148
Operating lease liabilities (20) (10)
Net cash used in operating activities (81,473) (94,132)
Cash flows from investing activities:    
Purchase of investments (78,376) (31,385)
Sales and maturities of investments 128,030 82,116
Net cash used in investing activities 49,654 50,731
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 139,959 81,857
Proceeds from the exercise of stock options 1,002 369
Payment of deferred financing costs   (353)
Net cash provided by financing activities 140,961 81,873
Net increase in cash and cash equivalents 109,142 38,472
Cash and cash equivalents at beginning of the year 45,540 74,293
Cash and cash equivalents at end of the year $ 154,682 $ 112,765