v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (97,779) $ (73,136)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,199 1,272
Accretion of discounts on marketable securities (208) 473
Stock-based compensation expense 4,938 1,675
Non-cash interest expense 133 165
Non-cash lease expense 3,353 3,066
Change in fair value of simple agreement for future equity 5,556 0
Changes in operating assets and liabilities:    
Rent receivable - related party 0 120
Due from related party 0 51
Prepaid expenses and other assets (5,364) 66
Operating lease liabilities (3,510) (3,081)
Deferred revenue 41,519 0
Accounts payable, accrued expenses and other liabilities (2,659) 4,085
Net cash used in operating activities (52,822) (65,244)
Cash flows from investing activities    
Purchases of marketable securities (33,447) (16,664)
Proceeds from maturities of marketable securities 0 47,954
Purchases of property and equipment (985) (90)
Net cash (used in) provided by investing activities (34,432) 31,200
Cash flows from financing activities    
Payments of convertible preferred stock issuance costs (680) (62)
Proceeds from issuance of simple agreement for future equity 50,000 0
Proceeds from initial public offering, net of underwriting discounts and commissions 718,240 0
Payments of initial public offering costs (2,499) 0
Proceeds from concurrent private placement of common stock 83,333 0
Principal payments on finance leases (311) (284)
Principal payments on debt (7,500) 0
Proceeds from exercise of stock options 771 9
Net cash provided by financing activities 1,146,603 67,154
Increase in cash, cash equivalents and restricted cash 1,059,349 33,110
Cash, cash equivalents and restricted cash at beginning of period 30,566 50,139
Cash, cash equivalents and restricted cash at end of period 1,089,915 83,249
Supplemental disclosure of cash flow information:    
Cash paid for interest 414 632
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable 277 30
Initial public offering costs included in accounts payable and accrued expenses 2,853 0
Conversion of convertible preferred stock into common stock and non-voting common stock 814,540 0
Conversion of Stock, Amount Issued 55,600  
Conversion of simple agreement for future equity into common stock 55,556 0
Settlement of Series E preferred stock tranche right liability 0 2,167
Series E Convertible Preferred Stock [Member]    
Cash flows from financing activities    
Proceeds from issuance of convertible preferred stock 0 67,491
Series F Convertible Preferred Stock [Member]    
Cash flows from financing activities    
Proceeds from issuance of convertible preferred stock $ 305,249 $ 0