v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Operating activities            
Net loss     $ (45,070) $ (34,951) $ (74,880) $ (9,725)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation expense $ 200 $ 300 554 697 1,390 1,593
Stock-based compensation expense 3,271 2,875 7,131 6,042 12,468 14,554
Net accretion of discounts on marketable securities     (1,578) (1,984) (2,953) (4,392)
Impairment of long-lived assets 5,086 0 5,086 0    
Changes in operating assets and liabilities:            
Unbilled accounts receivable     0 2,096 2,096 (1,559)
Prepaid expenses and other current assets     2,063 1,544 1,632 (1,365)
Operating lease assets and liabilities     (524) (353) (743) (700)
Other assets     529 (2) (528) 2,001
Accounts payable     1,833 587 428 (1,593)
Accrued expenses and other liabilities     (4,813) (2,753) 1,025 (1,032)
Net cash used in operating activities     (34,789) (29,077) (60,065) (2,218)
Investing activities            
Purchases of marketable securities     (179,553) (136,790) (180,220) (178,594)
Maturities of marketable securities     64,788 150,011 211,253 211,102
Proceeds received on pending sale of equipment held for sale     450 0    
Purchases of property and equipment     (116) (65) (314) (278)
Net cash provided by investing activities     (114,431) 13,156 30,719 32,230
Financing activities            
Payments of offering costs associated with the issuance of common stock and pre-funded warrants     (333) 0    
Proceeds from issuance of common stock under benefit plans, net     377 301 4,167 2,746
Proceeds from issuance of common stock and pre-funded warrants in connection with public offerings, net of issuance costs         164,500 0
Net cash provided by financing activities     44 301 168,667 2,746
Net increase in cash, cash equivalents and restricted cash     (149,176) (15,620) 139,321 32,758
Cash, cash equivalents, and restricted cash, beginning of period     198,734 59,413 59,413 26,655
Cash, cash equivalents, and restricted cash, end of period 49,558 43,793 49,558 43,793 198,734 59,413
Supplemental cash flow information            
Cash paid for operating lease liabilities     1,346 1,306 2,649 2,782
Non-cash investing and financing activities:            
Offering costs unpaid at end of period         333 0
Reclassification of equipment to assets held for sale     900 0    
Cash and cash equivalents 48,466 42,588 48,466 42,588 197,533 58,212
Restricted cash 1,092 1,205 1,092 1,205 1,201 1,201
Total cash, cash equivalents, and restricted cash $ 49,558 $ 43,793 $ 49,558 $ 43,793 $ 198,734 $ 59,413