Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net loss	$ (44,663)	$ (35,413)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,456	3,359
Depreciation and amortization of property and equipment	1,503	1,615
Asset impairment	0	91
Non-cash operating lease expense	399	360
Amortization of finance lease right-of-use assets	26	27
Amortization and accretion of premiums/discounts on held-to-maturity investments	(3,220)	(772)
Change in contingent value rights liability	78	818
Changes in assets and liabilities:
Prepaid expenses and other current assets	(949)	(2,053)
Other assets	(121)	(30)
Accounts payable	719	368
Accrued expenses and other liabilities	(31)	(4,672)
Operating lease liabilities	(1,433)	(1,241)
Net cash used in operating activities	(40,236)	(37,543)
Investing activities
Purchases of property and equipment	(928)	(525)
Purchases of held-to-maturity investments	(149,367)	(42,654)
Proceeds from maturities of held-to-maturity investments	112,700	49,500
Net cash (used in) provided by investing activities	(37,595)	6,321
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	87	1,044
Principal payments on finance leases	(29)	(27)
Net cash provided by (used in) financing activities	58	(6,125)
Net decrease in cash, cash equivalents and restricted cash	(77,773)	(37,347)
Cash, cash equivalents and restricted cash at beginning of period	136,925	148,718
Cash, cash equivalents and restricted cash at end of period	59,152	111,371
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	128	71
Additions to finance lease right-of-use assets from new finance lease liabilities	0	25
Supplemental cash flow information:
Cash paid for interest	$ 3	$ 7