v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (182,571) $ (151,653)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 269 192
Stock-based compensation 40,499 24,297
Amortization/accretion of investment securities (1,817) (6,887)
Loss from initial consolidation of variable interest entity 0 852
Non-cash lease expense 399 349
Non-cash interest expense 832 626
Other non-cash items (11) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,838) (7,540)
Accounts payable (2,944) (680)
Accrued external research and development expenses 4,870 564
Other accrued expenses (3,805) 2,436
Operating lease liabilities (522) 351
Net cash used in operating activities (146,639) (137,093)
Cash flows from investing activities    
Purchases of marketable securities (304,973) (491,312)
Maturities of marketable securities 410,240 320,819
Purchases of property and equipment 0 (913)
Net cash provided by (used in) investing activities 105,267 (171,406)
Cash flows from financing activities:    
Proceeds from sale of common stock in underwritten offering, net of issuance costs paid 0 234,003
Proceeds from sale of pre-funded warrants in underwritten offering, net of issuance costs paid 0 9,386
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid 0 9,766
Proceeds from long-term debt, net of issuance costs paid 29,979 0
Proceeds from stock option exercises 9,136 2,998
Contributions from employee stock purchase plan 1,095 578
Net cash provided by financing activities 40,210 256,731
Net decrease in cash, cash equivalents and restricted cash (1,162) (51,768)
Cash, cash equivalents and restricted cash, beginning of period 91,387 192,672
Cash, cash equivalents and restricted cash, end of period 90,225 140,904
Supplemental cash flow information    
Cash paid for interest $ 2,425 $ 2,116