Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net loss	$ (22,647)	$ (16,921)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,048	1,045
Depreciation and amortization of property and equipment	749	814
Asset impairment	0	91
Non-cash operating lease expense	197	176
Amortization of finance lease right-of-use assets	13	11
Amortization and accretion of premiums/discounts on held-to-maturity investments	(1,747)	(446)
Change in contingent value rights liability	27	329
Changes in assets and liabilities:
Prepaid expenses and other current assets	(278)	(1,417)
Other assets	79	21
Accounts payable	1,694	135
Accrued expenses and other liabilities	(2,203)	(4,879)
Operating lease liabilities	(706)	(609)
Net cash used in operating activities	(20,774)	(21,650)
Investing activities
Purchases of property and equipment	(780)	(65)
Purchases of held-to-maturity investments	(88,965)	0
Proceeds from maturities of held-to-maturity investments	44,700	30,000
Net cash (used in) provided by investing activities	(45,045)	29,935
Financing activities
Offering costs in connection with pre-closing financing	0	(4,287)
Transaction costs related to reverse merger	0	(2,855)
Proceeds from the issuance of common stock upon exercise of options	19	629
Principal payments on finance leases	(15)	(11)
Net cash provided by (used in) financing activities	4	(6,524)
Net (decrease) increase in cash, cash equivalents and restricted cash	(65,815)	1,761
Cash, cash equivalents and restricted cash at beginning of period	136,925	148,718
Cash, cash equivalents and restricted cash at end of period	71,110	150,479
Supplemental disclosure of non-cash investing and financing activities:
Additions to operating lease right of use assets from new operating lease liabilities	0	60
Property and equipment included in accounts payable and accrued expenses	80	141
Supplemental cash flow information:
Cash paid for interest	$ 2	$ 3