v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net loss     $ (79,322) $ (54,502)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation expense $ 300 $ 300 534 577  
Accretion income on marketable securities     (632) (785)  
Stock-based compensation expense     16,192 7,347  
Other non-cash items     19 27  
Non-cash lease expense     835 757  
Changes in operating assets and liabilities:          
Prepaid expenses and other assets     310 2,882  
Other long-term assets     (668) 333  
Accounts payable     698 (1,018)  
Accrued expenses and other liabilities     423 910  
Operating lease liabilities     (783) (657)  
Net cash used in operating activities     (62,394) (44,129)  
Cash flows from investing activities:          
Purchases of property and equipment     (123) (226)  
Purchases of marketable securities     (256,014) (9,984)  
Maturities of marketable securities     85,000 60,000  
Net cash provided by (used in) investing activities     (171,137) 49,790  
Cash flows from financing activities:          
Proceeds from exercise of stock options     136 2  
Proceeds from exercise of warrants     123 0  
Proceeds from issuance of common stock from follow-on offering, net of issuance costs     259,384 46,517  
Proceeds from issuance of pre-funded warrants from follow-on offering, net of issuance costs     21,381 14,156  
Proceeds from issuance of common stock warrants from follow-on offering, net of issuance costs     0 9,254  
Repurchase of common stock, including transaction costs     (39,093) 0  
Proceeds from ESPP purchases     121 96  
Net cash provided by financing activities     242,052 70,025  
Net increase in cash, cash equivalents and restricted cash     8,521 75,686  
Effect of exchange rate changes on cash and cash equivalents     (200) (12)  
Cash, cash equivalents and restricted cash at beginning of period     60,283 32,461 $ 32,461
Cash, cash equivalents and restricted cash at end of period $ 68,604 $ 108,135 68,604 108,135 $ 60,283
Supplemental disclosure of cash flow information:          
Purchases of property and equipment in accounts payable and accrued expenses and other liabilities     $ 7 $ 0