CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net (loss) income	$ (31,651)	$ 7,195
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	63	51
Accretion related to marketable securities	168	(625)
Stock-based compensation	5,259	2,507
Change in fair value of warrant liability		(27,141)
Loss from equity method investment	1,308	928
Changes in operating assets and liabilities:
Prepaid and other current assets	(4,304)	1,081
Operating lease right-of-use asset	180	165
Other assets	(858)	6
Accounts payable	1,556	555
Accrued and other liabilities	2,685	1,288
Operating lease liability	(209)	(39)
Net cash used in operating activities	(25,772)	(14,040)
Cash flows from investing activities
Purchases of marketable securities	(209,477)	(47,183)
Maturities of marketable securities	64,339	31,274
Purchases of property and equipment	(673)	(149)
Investment in Angel Pharmaceuticals	(5,000)
Net cash used in investing activities	(150,811)	(16,058)
Cash flows from financing activities
Proceeds from issuance of common stock in connection with follow-on public offering, net	189,407
Proceeds from the exercise of common stock warrants (includes $4,960 in aggregate gross proceeds from related parties)		35,745
Proceeds from exercise of common stock options	1,505	304
Net cash provided by financing activities	190,912	36,049
Net increase in cash and cash equivalents	14,329	5,951
Cash and cash equivalents at beginning of the period	4,576	8,740
Cash and cash equivalents at end of the period	18,905	14,691
Supplemental disclosures of cash flow information
Purchases of property and equipment incurred but not paid	188
Related party
Changes in operating assets and liabilities:
Accounts receivable	$ 31	(11)
Cash flows from financing activities
Proceeds from the exercise of common stock warrants (includes $4,960 in aggregate gross proceeds from related parties)		$ 4,960

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

Name:	us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

- References

No definition available.