v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash Flows Provided by (Used in) Operating Activities:        
Net income (loss) $ 35,387 $ (19,142) $ (8,978) $ (57,775)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization 5 54 92 131
Loss on disposal of assets 18 0    
Net accretion of discounts/premiums on debt securities (56) (363) (573) (1,612)
Share-based compensation 1,037 3,493 5,314 7,993
Gain on sale of joint venture     (22,350) 0
Loss on investment in joint venture 0 874 874 2,239
Changes in operating assets and liabilities:        
Prepaid expenses, operating right-of-use assets and other current assets 2,288 (2,085) (2,043) 2,724
Accounts payable 707 (159) (152) (698)
Accrued expenses, tax liability and operating lease liabilities (1,233) (832) (1,149) (3,344)
Deferred revenue (212) (424) (848) 1,060
Net cash provided by (used in) operating activities 37,941 (18,584) (29,813) (49,282)
Cash Flows Provided by Investing Activities:        
Purchases of marketable securities 0 (9,884) (17,697) (48,933)
Proceeds from maturities of marketable securities 23,400 25,500 46,465 84,425
Proceeds from sale of common stock received from sale of joint venture     20,000 0
Investment in joint venture 0 (1,500) (1,500) (2,000)
Net cash provided by investing activities 23,400 14,116 47,268 33,492
Cash Flows Provided by Financing Activities:        
Proceeds from the issuance of common stock from a securities purchase agreement     0 5,405
Proceeds from the issuance of common stock under the stock purchase plan 13 10 16 62
Proceeds from the issuance of common stock from exercise of stock options 121 0    
Payments of offering costs     0 (268)
Net cash provided by financing activities 134 10 16 5,199
Net increase (decrease) in cash and cash equivalents 61,475 (4,458) 17,471 (10,591)
Cash and cash equivalents—beginning of year 31,374 13,903 13,903 24,494
Cash and cash equivalents—end of year $ 92,849 $ 9,445 $ 31,374 $ 13,903