v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows Provided by (Used in) Operating Activities:    
Net income (loss) $ 32,662 $ (3,126)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 5 89
Loss on disposal of assets 18 0
Net accretion of discounts/premiums on debt securities (56) (476)
Share-based compensation 1,442 4,540
Gain on sale of joint venture 0 (22,350)
Loss on investment in joint venture 0 874
Changes in operating assets and liabilities:    
Prepaid expenses, operating lease right-of-use assets and other current assets 2,616 (2,858)
Accounts payable (119) (9)
Accrued expenses, tax liability, operating lease liabilities and other current liabilities (691) (1,182)
Deferred revenue (212) (636)
Net cash provided by (used in) operating activities 35,665 (25,134)
Cash Flows Provided by Investing Activities:    
Purchases of marketable securities 0 (10,622)
Proceeds from maturities of marketable securities 23,400 35,465
Proceeds from sale of common stock received from sale of joint venture 0 20,000
Investment in joint venture 0 (1,500)
Net cash provided by investing activities 23,400 43,343
Cash Flows Provided by Financing Activities:    
Proceeds from the issuance of common stock under the stock purchase plan 13 10
Proceeds from the issuance of common stock from exercise of stock options 241 0
Net cash provided by financing activities 254 10
Net increase in cash and cash equivalents 59,319 18,219
Cash and cash equivalents — beginning of period 31,374 13,903
Cash and cash equivalents — end of period $ 90,693 $ 32,122