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 $ (53,455) $ (69,746)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 23 31
Stock-based compensation expense 4,920 4,972
Amortization of premiums and accretion of discounts on marketable securities, net (161) (644)
Change in fair value of embedded derivatives (300) (150)
Amortization of right-of-use asset 68 61
Realized gain on marketable securities (6) (3)
Noncash interest expense 708 613
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 71 1,714
Other long-term assets (4) 18
Accounts payable 12,825 (3,545)
Accrued clinical trial expenses (4,353) (4,236)
Accrued expenses and other liabilities (2,539) 4,962
Net cash used in operating activities (42,203) (65,953)
Cash flows from investing activities    
Purchases of marketable securities (40,823) (38,056)
Proceeds from maturities and sales of marketable securities 53,016 105,316
Purchases of property and equipment 0 (88)
Net cash provided by investing activities 12,193 67,172
Cash flows from financing activities    
Proceeds from private placement, net of offering costs 35,441 0
Proceeds from exercise of stock options 172 37
Repurchase of common shares to pay employee withholding taxes (149) (73)
Net cash provided by (used in) financing activities 35,464 (36)
Net change in cash and cash equivalents and restricted cash 5,454 1,183
Cash and cash equivalents and restricted cash at the beginning of the period 54,220 35,859
Cash and cash equivalents and restricted cash at the end of the period 59,674 37,042
Supplemental disclosure of cash flow information    
Cash paid for income taxes 0 0
Cash paid for interest $ 1,463 $ 1,464