v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (230,875) $ (135,620)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 34,031 11,194
Integration bonus expense 0 14,360
Depreciation and amortization expense 4,876 2,757
Amortization of premiums and accretion of discounts on investments (3,487) (96)
Change in fair value of preferred stock tranche obligations 0 (1,100)
Change in fair value of contingent milestone liabilities 21,740 0
Warrant issuance expense 0 7,358
Acquired intellectual property rights 1,400 3,000
Bargain purchase gain 0 (5,232)
Deferred income tax benefit 0 (4,167)
Amortization of right-of-use assets 1,653 1,095
Other non-cash charges (2,570) 45
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 970 (3,949)
Other non-current assets 3,511 (1,118)
Accounts payable 1,405 (101)
Accrued expenses and other current liabilities 1,855 11,803
Operating lease liabilities (1,689) 424
Net cash used in operating activities (167,180) (99,347)
Cash flows from investing activities    
Proceeds from maturities of investments 276,976 0
Purchases of investments (565,447) (114,069)
Purchases of property and equipment (2,606) (3,922)
Purchases of intangible assets 0 (65)
Capitalized software development costs (4,117) 0
Acquired in-process research and development and milestones (1,565) (1,500)
Acquisition of Prolaio, net of cash acquired 0 (3,961)
Net cash used in investing activities (296,759) (123,517)
Cash flows from financing activities    
Proceeds from issuance of preferred stock, net of issuance cost 9,997 342,640
Proceeds from issuance of common stock upon IPO, net of underwriting discounts and commissions 427,800 0
Payments of offering costs (5,279) 0
Tax withholding payments related to net share settlement of equity awards (113) 0
Proceeds from exercise of stock options 1,435 454
Net cash provided by financing activities 433,840 343,094
Net increase (decrease) in cash, cash equivalents and restricted cash (30,099) 120,230
Cash, cash equivalents and restricted cash at beginning of period 109,529 49,815
Cash, cash equivalents and restricted cash at end of period 79,430 170,045
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 78,889 169,505
Restricted cash 541 540
Total cash, cash equivalents and restricted cash 79,430 170,045
Supplemental disclosure of non-cash financing and investing activities    
Right-of-use asset obtained in exchange for lease obligation 560 4,185
Purchases of property and equipment included in accounts payable and accrued expenses 29 473
Acquired in-process research and development and milestones payments in accounts payable and accrued expenses 0 1,500
Conversion of redeemable convertible preferred stock to common stock upon IPO 597,547 0
Issuance of preferred stock as consideration for acquired in-process research and development 1,400 0
Issuance of common stock warrants in connection with Series B preferred stock issuance 0 7,358
Settlement of preferred stock tranche obligations 0 4,521
Vesting of early-exercised stock options and restricted common stock $ 477 $ 722