v3.26.3
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (78,824) $ (96,197)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 35 46
Stock-based compensation expense 7,626 7,433
Amortization of premiums and accretion of discounts on marketable securities, net (198) (919)
Change in fair value of embedded derivatives (950) 290
Amortization of right-of-use asset 104 93
Realized gain on marketable securities (6) (17)
Noncash interest expense 1,048 942
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,143) 1,205
Other long-term assets 11 42
Accounts payable 5,502 (4,966)
Accrued clinical trial expenses (2,157) (5,460)
Accrued expenses and other liabilities 96 1,066
Net cash used in operating activities (68,856) (96,442)
Cash flows from investing activities    
Purchases of marketable securities (40,823) (38,056)
Proceeds from maturities and sales of marketable securities 78,266 145,827
Purchases of property and equipment 0 (88)
Net cash provided by investing activities 37,443 107,683
Cash flows from financing activities    
Proceeds from private placement, net of offering costs 35,441 0
Repayments of debt (4,987) 0
Proceeds from exercise of stock options 194 37
Repurchase of common shares to pay employee withholding taxes (149) (73)
Net cash provided by (used in) financing activities 30,499 (36)
Net change in cash and cash equivalents and restricted cash (914) 11,205
Cash and cash equivalents and restricted cash at the beginning of the period 54,220 35,859
Cash and cash equivalents and restricted cash at the end of the period 53,306 47,064
Supplemental disclosure of cash flow information    
Cash paid for income taxes 0 0
Cash paid for interest $ 2,162 $ 2,203