v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net loss $ (114,402) $ (50,746)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 41,880 5,160
Depreciation expense 79 131
Amortization of operating lease right-of-use assets 987 910
Net amortization of premium and discounts on investments (1,130) (2,961)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (186) (4,485)
Other non-current assets 0 (1,191)
Accounts payable 3,802 (209)
Related party payable (7) (325)
Accrued expenses and other current liabilities 963 3,175
Operating lease liability (982) (754)
Net cash used in operating activities (68,996) (51,295)
Investing activities    
Purchase of investments (325,538) (354,071)
Proceeds from maturities of investments 170,000 142,500
Purchases of property and equipment 0 (331)
Net cash used in investing activities (155,538) (211,902)
Financing activities    
Proceeds from initial public offering, net of underwriting discounts and commissions and deferred offering costs 239,241 0
Proceeds from exercise of stock options 807 1
Net cash provided by financing activities 240,048 1
Effect of exchange rates on cash and cash equivalents (4) 31
Net increase (decrease) in cash and cash equivalents 15,510 (263,165)
Cash, cash equivalents, and restricted cash, beginning of period 46,496 309,553
Cash, cash equivalents, and restricted cash, end of period 62,006 46,388
Supplemental disclosure of cash flow information and non-cash financing, and investing information:    
Operating lease right-of-use assets obtained in exchange for lease liabilities 584 1,114
Cash paid for income taxes $ 0 $ 258