v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities      
Net loss $ (141,696) $ (102,630)  
Adjustments to reconcile net loss to net cash used in operating activities      
Stock-based compensation expense 10,337 11,944  
Change in fair value of derivative liability 26 (76)  
Depreciation and amortization 2,549 2,217  
Loss on disposal of property and equipment 43 0  
Amortization of right-of-use assets 1,595 1,425  
Net accretion of discount on marketable securities (2,124) (2,433)  
Changes in operating assets and liabilities      
Prepaid expenses and other current assets (10,525) (7)  
Other non-current assets (652) (5,129)  
Accounts payable (525) 4,314  
Accrued and other liabilities 2,421 798  
Deferred revenue 2,210 (29)  
Operating lease liabilities (1,783) (1,529)  
Net cash used in operating activities (138,124) (91,135)  
Cash flows from investing activities      
Purchase of marketable securities (95,555) (249,480)  
Maturities of marketable securities 190,042 268,273  
Acquisition of property and equipment (55) (697)  
Net cash provided by investing activities 94,432 18,096  
Cash flows from financing activities      
Issuance of common stock upon exercise of stock options 1,785 2  
Issuance of common stock - 2020 ESPP 1,125 860  
Proceeds from long-term debt, net of discount and issuance costs 19,259 0  
Net cash provided by financing activities 53,823 862  
Net increase (decrease) in cash and cash equivalents 10,131 (72,177)  
Cash and cash equivalents, beginning of period 60,241 149,336 $ 149,336
Cash and cash equivalents, end of period 70,372 77,159 $ 60,241
Supplemental disclosures of noncash investing and financing information      
Purchases of property and equipment in accrued and other current liabilities 49 0  
Unpaid debt offering costs in accounts payable 1,888 0  
Unpaid costs from ATM offering program in accrued and other current liabilities 37 0  
ATM offering program      
Cash flows from financing activities      
Issuance of common stock under the ATM offering program, net of issuance costs $ 31,654 $ 0