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 $ (29,764) $ (74,911)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 9 12
Stock-based compensation expense 8,767 4,991
Amortization of operating lease right-of-use assets 475 543
Amortization and expense of debt discount and issuance costs 5,210 486
Amortization of premium on marketable securities, net of accretion of discounts (1,052) (4,611)
Change in warrant liability (1,602) 0
Change in derivative liability (4,113) 0
Gain on debt extinguishment (43,846) 0
Changes in operating assets and liabilities:    
Receivable from contracts with collaborators 6,122 (2,241)
Prepaid expenses and other current assets 8,891 (5,369)
Other assets (21) (100)
Operating lease liabilities (475) (534)
Accounts payable 1,565 (6,774)
Accrued expenses and other current liabilities (1,397) 363
Accrued research and development expenses (11,982) 5,146
Accrued compensation and benefits (2,151) (2,834)
Contract liabilities (12,370) (952)
Accrued interest expense (411) 0
Net cash used in operating activities (78,145) (86,785)
Cash flows from investing activities    
Purchase of marketable securities (24,994) (176,533)
Maturities of marketable securities 109,300 242,800
Purchase of property and equipment 0 (79)
Net cash provided by investing activities 84,306 66,188
Cash flows from financing activities    
Payment of debt issuance costs in connection with the exchange of the 2027 Notes (1,963) 0
Payment of equity issuance costs in connection with the exchange of the 2027 Notes (1,181) 0
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan 292 372
Proceeds from the exercise of stock options 220 226
Net cash provided by (used in) financing activities (2,632) 598
Effect of exchange rate changes on cash and cash equivalents (113) 234
Net increase (decrease) in cash and cash equivalents 3,416 (19,765)
Cash and cash equivalents, at the beginning of the period 37,732 46,074
Cash and cash equivalents, at the end of the period 41,148 26,309
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,075 5,000
Supplemental disclosure of noncash investing and financing activities:    
Unpaid debt issuance costs in connection with the exchange of the 2027 Notes 3,631 0
Unpaid equity issuance costs in connection with the exchange of the 2027 Notes 2,184 0
Issuance of common stock in connection with the exchange of 2027 Notes 45,239 0
Issuance of a derivative in connection with the exchange of 2027 Notes 47,051 0
Issuance of 2030 Notes in connection with the exchange of 2027 Notes 18,123 0
Change in unrealized loss on marketable securities, net (68) (179)
Prefunded Warrants    
Supplemental disclosure of noncash investing and financing activities:    
Issuance warrants in connection with the exchange of 2027 Notes 5,935 0
Purchase Warrants    
Supplemental disclosure of noncash investing and financing activities:    
Issuance warrants in connection with the exchange of 2027 Notes $ 19,893 $ 0