v3.26.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net loss $ (80,817) $ (40,119)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,558 1,267
Stock-based compensation expense 5,427 2,847
Change in fair value of derivative tranche liability 42,930 1,800
Impairment of right-of-use asset 89 494
Loss on the sale of property and equipment 98 67
Non-cash lease expense 314 1,443
Non-cash interest expense 3 17
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 947 (109)
Accounts payable 565 (561)
Accrued expenses and other liabilities 1,249 (393)
Deferred revenue (4,819) (385)
Operating lease liabilities 624 (2,214)
Net cash used in operating activities (31,832) (35,846)
Investing activities    
Purchases of property and equipment (869) (279)
Proceeds from the sale of property and equipment 0 36
Net cash used in investing activities (869) (243)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs of $1,041 and $2,088, respectively 15,470 28,961
Proceeds from issuance of pre-funded warrants, net of issuance costs of $2,113 and $258, respectively 31,442 3,601
Proceeds allocated to the derivative tranche liability 0 14,930
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan 178 3
Principal payments on finance leases 0 (93)
Principal payments on financing obligation 0 (97)
Net cash provided by financing activities 47,090 47,305
Net change in cash, cash equivalents, and restricted cash 14,389 11,216
Cash, cash equivalents and restricted cash at beginning of period 111,757 65,663
Cash, cash equivalents and restricted cash at end of period 126,146 76,879
Supplemental disclosures of cash flow information:    
Finance lease right-of-use asset converted to fixed asset 0 290
Issuance costs in accounts payable and accrued expenses 0 230
Noncash settlement of derivative tranche liability through issuance of common stock 28,928 0
Noncash settlement of derivative tranche liability through issuance of pre-funded warrants 58,762 0
Right-of-use assets obtained in exchange of operating lease obligations 3,852 0
Purchase of property and equipment in accounts payable and accrued expenses $ 101 $ 0