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Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 90 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Cash flows from operating activities:              
Net loss $ (42,309) $ (32,588) $ (25,579) $ (25,473) $ (108,996) $ (77,872)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation and amortization         105 126  
Stock-based compensation         25,156 7,555  
Non-cash lease expense         416 156  
Changes in operating assets and liabilities:              
Other current assets and prepaid expenses         4,121 (45)  
Accounts payable         315 (927)  
Accrued expenses         1,869 4,875  
Operating lease liabilities         (419) (168)  
Other liabilities         745 (225)  
Net cash used in operating activities         (76,688) (66,525)  
Cash flows from investing activities:              
Purchases of property and equipment         (355) (150)  
Net cash used in investing activities         (355) (150)  
Cash flows from financing activities:              
Proceeds from exercise of stock options         321 0  
Proceeds from shares issued in connection with the Company's Employee Stock Purchase Plan         86 123  
Proceeds from exercise of February 2026 Common Warrants, net of issuance costs             $ 690,000
Net cash provided by financing activities         194,076 65,518  
Effect of exchange rate changes on cash and cash equivalents         (553) 621  
Net change in cash and cash equivalents         116,480 (536)  
Cash and cash equivalents, beginning of period   $ 15,483   $ 35,668 15,483 35,668  
Cash and cash equivalents, end of period $ 131,963   $ 35,132   131,963 35,132 $ 131,963
Supplemental disclosure of noncash investing and financing activities:              
Reclassification of SARs liability to equity         5,198 0  
Operating lease right-of use asset obtained in exchange for lease obligation         345 0  
Series B Warrants              
Cash flows from financing activities:              
Proceeds from the exercise of pre-funded warrants         1,377 0  
February 2026 common warrants              
Cash flows from financing activities:              
Proceeds from the exercise of pre-funded warrants         5,029 0  
May 2025 PIPE Transaction              
Cash flows from financing activities:              
Proceeds from offering, net of issuance costs         0 60,661  
April 2025 PIPE Transaction              
Cash flows from financing activities:              
Proceeds from offering, net of issuance costs         0 4,734  
2026 February, Private Placement              
Cash flows from financing activities:              
Proceeds from exercise of February 2026 Common Warrants, net of issuance costs         $ 187,263 $ 0