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 from operating activities:        
Net loss $ (45,497) $ (51,882) $ (100,607) $ (83,109)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation expense 635 752 1,484 1,527
Stock-based compensation expense 3,006 4,871 8,931 7,060
Change in fair value of preferred stock warrant liability (2) 2 (3) (8)
Accretion of discount on marketable securities (407) (1,621) (2,612) (2,207)
Loss on sale of property and equipment 56 0    
Non-cash lease expense (106) (67) (141) (17)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets (10,884) 3,370 3,548 (2,733)
Accounts payable 353 (1,339) (1,806) 701
Accrued expenses and other current liabilities 5,562 250 1,013 3,584
Other non-current liabilities 0 (200) (200) 200
Net cash used in operating activities (47,284) (45,864) (90,393) (75,002)
Cash flows from investing activities:        
Purchases of property and equipment 0 (57) (73) (779)
Purchases of marketable securities 0 (36,192) (80,910) (131,095)
Maturities of marketable securities 24,000 67,000 162,000 78,000
Proceeds from the sale of property and equipment 19 0    
Net cash provided by investing activities 24,019 30,751 81,017 (53,874)
Cash flows from financing activities:        
Proceeds from the exercise of stock options 843 18 20 2,547
Proceeds from Series C financing     0 160,500
Payment of Series C issuance costs     0 (532)
Net cash provided by financing activities 843 18 20 162,515
Net decrease in cash and cash equivalents and restricted cash (22,422) (15,095) (9,356) (33,639)
Cash and cash equivalents and restricted cash at beginning of period 41,409 50,765 50,765 17,126
Cash and cash equivalents and restricted cash at end of period $ 18,987 $ 35,670 $ 41,409 $ 50,765