v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating activities        
Net loss $ (18,945) $ (30,625) $ (74,933) $ (64,539)
Adjustments to reconcile net cash used in operating activities:        
Depreciation and amortization     52 328
Stock-based compensation     14,100 9,113
Accretion of available-for-sale investments, net     (1,240) (493)
Change in fair value of contingent consideration 0 0 6,574 0
Contingent consideration paid pursuant to AlmataBio Transaction     (4,813) 0
Change in fair value of derivative liability (210) 12,530 320 14,680
Deferred taxes     36 34
Changes in assets and liabilities:        
Prepaid expenses and other current assets     (645) 2,186
Accounts payable     2,321 191
Accrued expenses and other current liabilities     9,072 1,312
Lease liability, net     (64) (24)
Net cash used in operating activities     (49,220) (37,212)
Investing activities        
Purchases of investments     (428,608) (94,621)
Sales and maturities of investments     112,956 10,500
Net cash used in investing activities     (315,652) (84,121)
Financing activities        
Proceeds from sale of common stock and pre-funded warrants in an underwritten public offering, gross     431,315 0
Transaction costs paid pursuant to sale of common stock and pre-funded warrants in an underwritten public offering     (26,403) 0
Proceeds from exercise of stock options     9,950 0
Proceeds from issuance of common stock pursuant to ATM Program, net     0 14,370
Cash paid related to withholding shares to satisfy RSU tax withholding obligations     (779) (510)
Proceeds from issuance of common stock under employee stock purchase plan, net of cash paid related to withholding shares to satisfy tax withholding obligations     66 40
Net cash provided by financing activities     414,149 13,900
Increase (decrease) in cash, cash equivalents and restricted cash     49,277 (107,433)
Cash, cash equivalents, and restricted cash at beginning of period     16,105 134,696
Cash, cash equivalents, and restricted cash at end of period 65,382 27,263 65,382 27,263
Supplemental disclosures of non-cash activities        
Issuance of common stock pursuant to AlmataBio Milestone Buyout Option     1,761 0
Cash and cash equivalents 64,988 26,963 64,988 26,963
Restricted cash, current 211 90 211 90
Restricted cash, non-current 183 210 183 210
Total cash, cash equivalents and restricted cash $ 65,382 $ 27,263 $ 65,382 $ 27,263