v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ (23,824) $ (13,328)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 1,277 1,468
Loss on disposal of equipment 4 5
Stock-based compensation expense 2,197 1,347
Interest expense 875 1,197
Change in fair value of convertible note 1,585 (2,083)
Net amortization/accretion on investment securities 210 474
Amortization of right-of-use asset 281 230
Expensed deferred offering costs 0 3,583
Cash received from government grants 3,830 0
Changes in operating assets and liabilities:    
Receivables from collaboration partners 5,985 292
Prepaid expenses and other current assets 890 445
Other long-term assets (520) (209)
Accounts payable (2,139) 1,193
Deferred revenue (1,850) (11,880)
Accrued license fees 1,725 (750)
Accruals and other current liabilities (3,236) (479)
Operating lease liabilities (616) (531)
Other non-current liabilities 434 (1,226)
Net cash used in operating activities (12,892) (20,252)
Cash flows from investing activities    
Purchases of property and equipment (27) (930)
Maturities of investments 42,339 56,231
Purchases of investments (4,842) (31,722)
Net cash provided by investing activities 37,470 23,579
Cash flows from financing activities    
Proceeds from exercise of stock options 238 51
Payments of deferred offering costs (2,026) 0
Net cash (used in) / provided by financing activities (1,788) 51
Net change in cash, cash equivalents and restricted cash 22,790 3,378
Cash, cash equivalents and restricted cash, at the beginning of the period 13,471 13,277
Cash, cash equivalents and restricted cash, at the end of the period 36,261 16,655
Supplemental disclosure of non-cash investing and financing activities:    
Unpaid fixed asset acquisitions 0 306
Deferred offering costs related to initial public offering included in accounts payable and accrued expenses and other current liabilities $ 975 $ 0