v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ (120,860) $ (52,185)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 309 302
Stock-based compensation expense 18,262 360
Net amortization of premiums and accretion of discounts on investments (1,813) (196)
Common stock issued to NeuroSolis, Inc. 0 496
Non-cash lease expense 446 427
Loss on disposal of property and equipment 4 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 5,321 (6,866)
Accounts payable (1,237) 190
Accrued expenses 3,961 (838)
Operating lease liabilities (441) (374)
Deferred grant earnings 0 (833)
Net cash used in operating activities (96,048) (59,517)
Cash flows from investing activities    
Purchases of short-term and long-term investments (19,773) 0
Maturities and redemptions of investments 147,530 55,000
Purchases of property and equipment (46) (66)
Net cash provided by investing activities 127,711 54,934
Cash flows from financing activities    
Payments of deferred offering costs 0 (211)
Proceeds from exercises of stock options 93 8
Proceeds from employee stock purchase plan issuances 650 0
Payment of employee tax obligations related to vesting of restricted stock units (7,502) 0
Net cash used in financing activities (6,759) (203)
Increase (decrease) in cash, cash equivalents and restricted cash 24,904 (4,786)
Cash, cash equivalents, and restricted cash at beginning of period 46,936 38,460
Cash, cash equivalents, and restricted cash at end of period 71,840 33,674
Supplemental disclosure of non-cash investing and financing activities:    
Derecognition of right-of-use asset and lease liabilities 3,374 0
Deferred financing costs included in accounts payable and accrued expenses $ 0 $ 490