Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss	$ (90,351)	$ (75,144)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	14,183	8,320
Depreciation and amortization of property and equipment	3,043	3,195
Asset impairment	120	91
Non-cash operating lease expense	800	741
Amortization of finance lease right-of-use assets	49	52
Amortization and accretion of premiums/discounts on held-to-maturity investments	(4,536)	(2,419)
Change in contingent value rights liability	(743)	522
Gain on lease modification	(6)	0
Changes in assets and liabilities:
Prepaid expenses and other current assets	952	(327)
Other assets	(58)	(211)
Accounts payable	627	(77)
Accrued expenses and other liabilities	1,665	(2,773)
Operating lease liabilities	(2,918)	(2,573)
Net cash used in operating activities	(77,173)	(70,603)
Investing activities
Purchases of property and equipment	(1,183)	(808)
Purchases of held-to-maturity investments	(269,513)	(198,453)
Proceeds from maturities of held-to-maturity investments	284,700	74,000
Net cash provided by (used in) investing activities	14,004	(125,261)
Financing activities
Payment of deferred offering costs related to at-the-market sales agreement	(241)	0
Proceeds from sale of common stock in at-the-market sales agreement, net of offering costs	30,380	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	266	1,676
Proceeds from private financing, net of offering costs paid	0	189,589
Principal payments on finance leases	(61)	(52)
Proceeds from the issuance of common stock under Employee Stock Purchase Plan	84	0
Net cash provided by financing activities	30,428	184,071
Net decrease in cash, cash equivalents and restricted cash	(32,741)	(11,793)
Cash, cash equivalents and restricted cash at beginning of period	136,925	148,718
Cash, cash equivalents and restricted cash at end of period	104,184	136,925
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	76	726
Additions to finance lease right of use assets from new finance lease liabilities	0	25
Offering costs related to private offering, included in accounts payable and accrued expenses	0	90
Supplemental cash flow information:
Cash paid for interest	5	12
Deferred offering costs reclassified to additional paid-in capital	$ 50	$ 0