Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (85,037)	$ (165,614)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,248	706
Amortization of right-of-use asset	198	230
Accretion of discounts on marketable securities	(2,023)	(890)
Share-based compensation expense	11,050	5,386
Loss on disposal of property and equipment	891	0
Charge for purchase of in-process research and development assets	0	118,266
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(5,303)	877
Accounts payable	(8,758)	2,364
Accrued expenses and other current liabilities	(7,902)	7,568
Deferred revenue	(6,941)	(3,393)
Operating lease liabilities	121	(67)
Net cash used in operating activities	(102,456)	(34,567)
Cash flows from investing activities:
Purchases of in-process research and development assets	(6,246)	(41,723)
Purchases of marketable securities	(123,266)	(112,688)
Maturities of marketable securities	75,000	40,000
Purchases of property and equipment	(4,570)	(4,508)
Net cash used in investing activities	(59,082)	(118,919)
Cash flows from financing activities:
Proceeds from public offering	172,500	230,002
Payment of offering costs	(10,755)	(14,624)
Proceeds from exercise of stock options	428	1,030
Proceeds from exercise of common stock warrants	0	3,731
Net cash provided by financing activities	162,173	220,139
Net increase in cash and cash equivalents and restricted cash	635	66,653
Cash and cash equivalents and restricted cash at beginning of period	143,451	98,779
Cash and cash equivalents and restricted cash at end of period	144,086	165,432
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	143,876	165,332
Restricted cash	210	100
Total cash, cash equivalents, and restricted cash	144,086	165,432
Supplemental disclosures of non-cash investing and financing activities:
Issuance of common stock in exchange for in-process research and development assets	0	74,033
Net liabilities assumed from purchases of in-process research and development assets	0	2,041
Purchase of in-process research and development assets in accounts payable and accrued expenses	0	469
Right-of-use assets obtained in exchange for operating lease liabilities	0	1,189
Remeasurement of operating right-of-use asset and lease liability due to lease modification	811	0
Offering costs in accounts payable and accrued expenses and other current liabilities	0	204
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	$ 1,287	$ 1,236