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 loss $ (235,274) $ (39,642)
Adjustments to reconcile net loss to net cash used in operating activities:    
Intangible assets impairment loss 41,824  
Stock-based compensation 26,612 25,630
Net accretion of discounts on marketable securities (4,035) (2,152)
Depreciation and amortization 1,745 1,713
Non-cash lease expense 1,091 624
Impairment of long-lived assets 444  
Gain on bargain purchase in connection with the ACELYRIN Merger   (187,907)
Changes in operating assets and liabilities:    
Research and development prepaid expenses (1,479) 7,373
Other prepaid expenses and other assets 64 96
Other assets, non-current 4,392 (1,723)
Accounts payable 2,694 (1,162)
Research and development accrued expenses 791 11,037
Other accrued expenses and current liabilities (5,933) 6,537
Deferred revenue 2,600 2,611
Operating lease liabilities (2,322) (1,349)
Other liabilities, non-current (39) 168
Deferred tax liability (1,757) (8,561)
Net cash used in operating activities (168,582) (186,707)
Cash flows from investing activities    
Maturities of marketable securities 251,466 144,274
Purchases of marketable securities (468,058) (24,535)
Purchases of property and equipment (401) (653)
Cash, cash equivalents and restricted cash acquired in connection with the ACELYRIN Merger   49,742
Net cash (used in) provided by investing activities (216,993) 168,828
Cash flows from financing activities    
Proceeds from public offering of common stock, net of underwriter discounts, commissions and offering costs 323,797  
Proceeds from issuance of common stock upon exercise of stock options 34,249  
Proceeds from issuance of common stock under the 2024 Employee Stock Purchase Plan 1,570 766
Repurchase of common stock issued upon early exercise of stock options   (17)
Net cash provided by financing activities 359,616 749
Net decrease in cash, cash equivalents and restricted cash (25,959) (17,130)
Cash, cash equivalents and restricted cash at beginning of period 91,053 170,632
Cash, cash equivalents and restricted cash at end of period 65,094 153,502
Supplemental disclosures:    
Right-of-use assets obtained in exchange for operating lease liabilities 1,835 1,776
Stock options exercise proceeds receivable 724  
Vesting of early exercised stock options and unvested restricted shares of common stock 52 410
Equity consideration transferred in connection with the ACELYRIN Merger   238,077
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 63,706 151,753
Restricted cash   367
Restricted cash, non-current 1,388 1,382
Total cash, cash equivalents and restricted cash $ 65,094 $ 153,502