v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (45,388) $ (41,721)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,166 7,581
Depreciation of property and equipment 46 59
Accretion of discounts on investments (1,854) (1,117)
Amortization of debt discount and costs 455 58
Loss on foreign currency exchange 176 30
Impairment loss on long-lived asset 1,492  
Deferred income tax benefit   (681)
Changes in operating assets and liabilities:    
Accounts receivable (2,122) 223
Prepaid expenses and other assets (2,105) (1,895)
Accounts payable (1,445) 640
Accrued expenses and other liabilities (1,102) (2,064)
Income tax and R&D incentive receivables 518 2,697
Net cash used in operating activities (45,163) (36,190)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sales and maturities of investments 107,282 143,589
Purchases of investments (332,362) (47,573)
Purchases of property and equipment (53) (10)
Net cash used in investing activities (225,133) 96,006
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from term loan, net   14,596
Proceeds from issuance of common stock in at-the-market offerings, net 8,653 72,273
Proceeds from issuance of common stock and pre-funded warrants, net 281,400  
Other financing activities (509) (506)
Net cash provided by financing activities 289,544 86,363
Net increase (decrease) in cash and cash equivalents and restricted cash 19,248 146,179
Cash, cash equivalents and restricted cash at beginning of period 43,802 36,968
Cash, cash equivalents and restricted cash at end of period 63,050 183,147
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest $ 1,716 79
Cash received from income tax refunds   1,422
SUPPLEMENTAL NON-CASH ACTIVITIES:    
Debt issuance cost in accrued expenses and other current liabilities   $ 322