v3.26.3
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows used in operating activities    
Net loss $ (55,123) $ (36,216)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,447 5,389
Depreciation 2,555 2,782
Loss on disposal of fixed assets 122 47
Net accretion of investments (1,568) (167)
Noncash operating lease expense 394 374
Noncash license revenue 0 (1,000)
Gain on lease modification 0 (105)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (883) 1,638
Other assets (22) 91
Accounts payable 1,821 (1,257)
Accrued expenses and other current liabilities 3,885 (2,324)
Non-current operating lease liabilities (707) (644)
Net cash used in operating activities (41,079) (31,392)
Cash flows used in investing activities    
Maturities of investments 65,691 15,600
Purchases of investments (174,871) (43,416)
Purchase of property and equipment (191) (71)
Net cash used in investing activities (109,371) (27,887)
Cash flows provided by financing activities    
Proceeds from sale of common stock, pre-funded warrants and common stock warrants, net of offering costs 100,688 44,480
Proceeds from exercise of common stock warrants 56,945 0
Proceeds from the exercises of stock options and purchases pursuant to employee stock purchase plan 652 25
Taxes paid related to net share settlement of equity awards (269) (65)
Net cash provided by financing activities 158,016 44,440
Net increase (decrease) in cash and cash equivalents 7,566 (14,839)
Cash and cash equivalents, beginning of period 61,758 42,548
Cash and cash equivalents, end of period 54,192 57,387
Supplemental disclosures of noncash financial activities:    
Unrealized loss on investments 68 1
Changes in lease balances resulting from lease modification $ 678 $ 0