v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (131,705) $ (82,265)
Adjustments to reconcile net loss to net cash and cash equivalents used in operations:    
Depreciation 106 77
Stock-based compensation 12,229 5,148
Amortization of debt issuance costs and discount 2,466 1,088
Payment-in-kind interest 582 501
Non-cash investment (income) expense (551) 340
Non-cash operating lease expense 62 (2)
Loss on debt extinguishment 11,477
Changes in operating assets and liabilities:    
Prepaid clinical trial costs 5,900 (4,634)
Other current assets (3,555) (617)
Accounts payable 1,804 1,840
Accrued clinical trial costs (8,884) 4,277
Accrued license milestone (5,000)  
Other accrued expenses 4,578 2,182
Net cash used in operating activities (110,491) (72,065)
Cash flows from investing activities:    
Proceeds from maturities of investments 165,000 196,738
Purchases of investments (460,650) (106,521)
Purchases of property and equipment (300) (99)
Purchases of capitalized software (121)
Net cash provided by (used in) investing activities (296,071) 90,118
Cash flows from financing activities:    
Proceeds from employee stock purchases 798 253
Proceeds from exercise of common stock options 1,883 20
Proceeds from exercise of common stock warrants 31 5,600
Proceeds from convertible notes, net of debt issuance costs of $17,584 and $0 during the six months ended June 30, 2026 and 2025, respectively 557,416
Repayment of note payable (137,017)
Payments for debt issuance costs (40)
Payments for secondary registration statement costs (203) (47)
Net cash provided by financing activities 422,908 5,786
Net change in cash and cash equivalents 16,346 23,839
Cash and cash equivalents:    
Beginning of period 165,703 22,515
End of period 182,049 46,354
Supplemental disclosure of cash flow information:    
Cash paid for interest 9,441 4,799
Cash paid for operating leases 74 109
Supplemental disclosures of non-cash investing and financing activities:    
Purchase of intangible assets in accrued license milestone 50,000
Conversion of Term A Loan to shares of common stock 3,368  
Right-of-use asset obtained in exchange for operating lease liability 1,150
Debt issuance costs included in other accrued expenses 172
Exercise of common stock options pending receipt of cash proceeds 60 0
Secondary registration statement costs included in accounts payable 47
Property and equipment included in accounts payable $ 1