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 $ (45,467) $ (26,905)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 39 28
Stock-based compensation expense 6,843 3,115
Accretion of debt discount on available-for-sale securities (1,048) (240)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,500) 1,590
Accounts payable 3,483 488
Accrued liabilities (4,483) 1,508
Other liabilities 623 0
Net cash used in operating activities (41,510) (20,416)
Cash flows from investing activities:    
Purchase of available-for-sale securities (147,841) 0
Purchase of property and equipment 0 (61)
Proceeds from redemptions of short-term investments 0 36,350
Net cash (used in) provided by investing activities (147,841) 36,289
Cash flows from financing activities:    
Proceeds from issuance of common stock 150,000 0
Proceeds from issuance of common stock and pre-funded warrants 0 75,000
Proceeds from issuance of common stock upon exercise of underwriters' option 22,500 0
Payment of issuance costs associated with financings (10,565) (6,966)
Proceeds from issuance of common stock under ESPP 101 9
Proceeds from Exercise of Warrants and Options 25 2
Taxes paid related to net share settlement of equity awards (38) (18)
Net cash provided by financing activities 162,023 68,027
Net (decrease) increase in cash and cash equivalents (27,328) 83,900
Cash and cash equivalents — beginning of period 76,957 22,244
Cash and cash equivalents — end of period 49,629 106,144
Supplemental disclosure of non-cash investing and financing activities    
Unpaid issuance costs recorded in accounts payable and accrued liabilities $ 580 $ 409