Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net loss	$ (65,616)	$ (55,630)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	10,821	5,833
Depreciation and amortization of property and equipment	2,267	2,410
Asset impairment	0	91
Non-cash operating lease expense	606	548
Amortization of finance lease right-of-use assets	38	39
Amortization and accretion of premiums/discounts on held-to-maturity investments	(4,036)	(1,460)
Change in contingent value rights liability	(744)	127
Changes in assets and liabilities:
Prepaid expenses and other current assets	(1,366)	(1,454)
Other assets	(88)	(25)
Accounts payable	218	339
Accrued expenses and other liabilities	334	(2,030)
Operating lease liabilities	(2,178)	(1,895)
Net cash used in operating activities	(59,744)	(53,107)
Investing activities
Purchases of property and equipment	(1,055)	(692)
Purchases of held-to-maturity investments	(226,750)	(80,203)
Proceeds from maturities of held-to-maturity investments	212,200	58,250
Net cash used in investing activities	(15,605)	(22,645)
Financing activities
Proceeds from sale of common stock in at-the-market sales agreement, net of offering costs	9,800	0
Payment of deferred offering costs related to at-the-market sales agreement	(166)	0
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	176	1,187
Principal payments on finance leases	(42)	(39)
Net cash provided by (used in) financing activities	9,768	(5,994)
Net decrease in cash, cash equivalents and restricted cash	(65,581)	(81,746)
Cash, cash equivalents and restricted cash at beginning of period	136,925	148,718
Cash, cash equivalents and restricted cash at end of period	71,344	66,972
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	0	703
Additions to finance lease right-of-use assets from new finance lease liabilities	0	25
Deferred offering costs related to at-the-market sales agreement in accrued expenses	75	9
Supplemental cash flow information:
Cash paid for interest	4	10
Deferred offering costs allocated to at-the-market offering	$ 16	$ 0