v3.26.3
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (44,766) $ (23,722)
Adjustments to reconcile net loss to net cash used in operations    
Depreciation expense 250 187
Non-cash lease expense 724 482
Stock-based compensation expense 900 485
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,323) 2,251
Other assets 18 (1,484)
Accounts payable 1,616 (180)
Accrued expenses (373) 1,341
Accrued compensation (1,191) 471
Operating lease liabilities 971 48
Net cash used in operating activities (44,174) (20,121)
Cash flows from investing activities:    
Purchases of property and equipment (13) (997)
Net cash used in investing activities (13) (997)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 2,881 85
Net cash provided by financing activities 2,881 85
Net increase (decrease) in cash and cash equivalents (41,306) (21,033)
Cash and cash equivalents at the beginning of period 136,682 100,147
Cash and cash equivalents at the end of period 95,376 79,114
Supplemental disclosure of noncash activities:    
Right-of-use asset obtained in exchange for operating lease liability 0 20,927
Deferred financing costs included in accounts payable and accrued expenses $ 1,136 $ 0