v3.26.3
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (69,651) $ (59,734)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,186 1,035
Provision for expected credit losses 52 24
Stock-based compensation expense 19,137 12,081
Net provision (recovery) for excess and obsolete inventory (567) 624
Change in fair value of warrant liabilities 0 12,450
Amortization of premium (discount) on short-term and long-term investments 228 (2,029)
Amortization of operating lease right-of-use asset 1,226 905
Loss on disposal of property and equipment 86  
Changes in operating assets and liabilities:    
Accounts receivable (3,601) 433
Inventories (682) (7,677)
Prepaid expenses and other current assets 836 (5,395)
Other long-term assets (32) (33)
Accounts payable (823) 1,571
Accrued expenses and other current liabilities 1,530 1,565
Other long-term liabilities (136) 1,205
Operating lease liability (1,202) (852)
Deferred revenue 672 1,529
Net cash used in operating activities (50,741) (42,298)
Cash flows from investing activities:    
Purchases of short-term investments (43,944) (236,772)
Purchases of long-term investments (158,673) (45,297)
Proceeds from maturities and redemptions of short-term investments 142,000 122,000
Purchases of property and equipment (4,691) (3,394)
Net cash used in investing activities (65,308) (163,463)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of underwriting discounts, commissions and issuance costs   195,430
Proceeds from the issuance of common stock from private placement, net of issuance costs   15,591
Proceeds from the issuance of common stock and pre-funded warrants, net of underwriting discounts, commissions and issuance costs 161,801  
Proceeds from stock option exercises and employee stock purchase plan issuances 4,223 2,793
Net cash provided by financing activities 166,024 213,814
Net increase in cash, cash equivalents and restricted cash 49,975 8,053
Cash, cash equivalents and restricted cash at beginning of period 31,676 30,532
Cash, cash equivalents and restricted cash at end of period 81,651 38,585
Supplemental disclosure of non-cash investing and financing information:    
Reclassification of long-term investments to short-term investments 70,174 125,842
Conversion of convertible preferred stock upon initial public offering   321,373
Conversion of warrants net exercise upon initial public offering   57,348
Reclassification of deferred offering costs to equity upon initial public offering   5,051
Operating lease right-of-use asset obtained in exchange for operating lease obligations   1,284
Accrued offering costs 456  
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 81,551 38,485
Restricted cash 100 100
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 81,651 $ 38,585