v3.26.1
Condensed Statements of Cash Flows (Unaudited)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Operating Activities      
Net loss   $ (171,367,000) $ (173,454,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation expense $ 4,200,000 10,343,000 7,998,000
Stock-based compensation expense   6,996,000 10,183,000
Amortization of operating lease right-of-use assets   (172,000) 4,776,000
Amortization of premiums and accretion of discounts on marketable securities   (1,216,000) (3,281,000)
Impairment of operating lease right-of-use assets (10,300,000)   (10,275,000)
Impairment of property and equipment 10,700,000 0 10,741,000
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets   (2,858,000) (2,420,000)
Other assets   2,717,000 103,000
Accounts payable   5,821,000 (631,000)
Accrued expenses and other current liabilities   (4,923,000) (702,000)
Operating lease liabilities   (5,100,000) 44,465,000
Other liabilities   5,000,000 4,690,000
Net cash used in operating activities   (154,759,000) (87,257,000)
Investing Activities      
Purchase of property and equipment   (513,000) (44,074,000)
Purchase of marketable securities   (386,775,000) (321,406,000)
Proceeds from maturities of marketable securities   230,500,000 115,750,000
Net cash used in investing activities   (156,788,000) (249,730,000)
Financing Activities      
Proceeds from issuance of common stock under stock plans   302,000 550,000
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs     350,203,000
Proceeds from initial public offering, net of issuance costs   349,031,000  
Net cash provided by financing activities   349,333,000 350,753,000
Net increase in cash, cash equivalents and restricted cash   37,786,000 13,766,000
Cash, cash equivalents and restricted cash at beginning of period   113,072,000 130,878,000
Cash, cash equivalents and restricted cash at end of period 144,644,000 150,858,000 144,644,000
Cash, cash equivalents and restricted cash at end of period      
Cash and cash equivalents 136,564,000 142,613,000 136,564,000
Restricted cash 8,080,000 8,245,000 8,080,000
Cash, cash equivalents and restricted cash at end of period $ 144,644,000 150,858,000 144,644,000
Supplemental disclosure of cash flow information      
Cash paid for interest   8,000 12,000
Cash paid for operating lease liabilities   20,966,000 5,119,000
Supplemental disclosure of non-cash financing and investing activities:      
Purchases of property and equipment included in accounts payable and accrued expenses   102,000 279,000
Vesting of early exercised stock options and restricted common stock   $ 35,000 240,000
Operating lease liabilities arising from obtaining right-of-use assets     $ (12,291,000)