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 $ (71,733) $ (48,148)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 12,866 466
Non-cash research and development services 1,849 1,382
Net accretion of discount/premium on debt securities (1,563) (418)
Other 108 29
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 3,198 (1,126)
Interest receivable on marketable securities (3,854) 0
Accounts payable (212) (263)
Accrued expenses 1,182 132
Other non-current assets (406) 0
Other current liabilities and lease liabilities (38) (28)
Net cash used in operating activities (58,603) (47,974)
Cash flows from investing activities:    
Purchase of property, plant and equipment (367) (19)
Purchases of marketable securities (638,386) (24,061)
Maturities of marketable securities 94,608 15,000
Net cash used in investing activities (544,145) (9,080)
Cash flows from financing activities:    
Issuance of Series B preferred stock, net of issuance costs paid 0 8,423
Pre-funded equity financing 0 1,060
Initial public offering, net of issuance costs paid 269,102 0
Public offering, net of issuance costs 414,335 0
Pre-funded warrants, net of issuance costs 28,120 0
Exercise of stock options 1,581 147
Net cash provided by financing activities 713,138 9,630
Net increase (decrease) in cash and cash equivalents 110,390 (47,424)
Cash and cash equivalents—beginning of period 21,766 53,084
Cash and cash equivalents—end of period 132,156 5,660
Supplemental schedule of noncash activities:    
Unrealized (loss) gain on marketable securities (3,112) 1
Right-of-use asset exchanged for lease liabilities $ 694 $ 90