v3.26.1
Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (83,858) $ (89,641)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 230 288
Stock-based compensation 19,822 15,402
Accretion/amortization of investments, net 138 (3,264)
Amortization of right-of-use assets - operating 102 919
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (10,202) 639
Accounts payable and other liabilities 9,382 (7,045)
Operating lease liabilities (93) (941)
Net cash used in operating activities (64,479) (83,643)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investments 0 (176,755)
Sales and maturities of investments 35,000 228,079
Purchases of property and equipment (42) (74)
Net cash provided by investing activities 34,958 51,250
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of common stock in connection with the spin-off 109,243 0
Proceeds from public offerings 75,200 0
Proceeds from the issuance of common stock upon the exercise of stock options 2,122 0
Proceeds from former parent company with Spin-off 100,000 0
Payments for offering costs (26) 0
Net Parent Investment (327,196) (46,389)
Net cash provided by (used in) financing activities (40,657) (46,389)
Net increase (decrease) in cash and cash equivalents (70,178) (78,782)
Cash and cash equivalents, beginning of period 238,196 123,080
Cash and cash equivalents, end of period 168,018 44,298
Non-cash investing and financing activities:    
Non-cash transfer of assets and liabilities 14,011 0
Offering costs accrued 483 0
Leased assets obtained in exchange for operating lease liabilities 4,426 0
Non-cash transfer of assets and liabilities in connection with the spin-off 14,011 0
Receivable related to issuance of common stock, upon exercise of stock options $ 469 $ 0