v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (285,837) $ (86,553)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 303 188
Stock-based compensation expense 22,204 7,423
Change in fair value of preferred stock tranche right liability 0 (1,400)
Non-cash lease expense 833 354
Accretion of discounts on investments, net (5,246) (1,134)
Change in fair value of convertible promissory notes 0 2,781
Other (13) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (7,120) (7,715)
Non-current clinical deposits (1,944) 0
Other non-current assets 2,343 67
Accounts payable 2,075 (38)
Accrued expenses and other current liabilities (6,119) 12,318
Operating lease liabilities (781) (421)
Other non-current liabilities (203) 0
Net cash used in operating activities (279,505) (74,130)
Cash flows from investing activities:    
Purchases of property and equipment 0 (443)
Purchases of marketable securities (775,319) (178,892)
Maturities of marketable securities 337,970 77,205
Net cash used in investing activities (437,349) (102,130)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 826 0
Proceeds from issuance of convertible promissory notes 0 100,000
Proceeds from issuance of common stock, net of commissions and underwriting discounts 668,438 0
Payments of deferred offering costs (6,140) (243)
Net cash provided by financing activities 663,124 99,757
Net decrease in cash, cash equivalents and restricted cash (53,730) (76,503)
Cash, cash equivalents and restricted cash at beginning of period 161,028 175,178
Cash, cash equivalents and restricted cash at end of period 107,298 98,675
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 106,537 97,914
Restricted cash 761 761
Total cash, cash equivalents and restricted cash 107,298 98,675
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock 992,364 0
Deferred offering costs included in accounts payable and accrued expenses 0 733
Purchases of property and equipment included in accounts payable and accrued expenses 0 215
Increase in right-of-use assets and operating lease liabilities from lease modifications $ 0 $ 32