Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (292,963)	$ (106,806)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,567	457
Amortization of right-of-use asset	535	271
Accretion of discounts on marketable securities	(2,899)	(512)
Share-based compensation expense	15,748	6,223
Charge for purchase of in-process research and development assets	152,344	80,802
Changes in operating assets and liabilities:
Prepaid expenses and other assets	906	(4,144)
Accounts payable	9,526	(608)
Accrued expenses and other current liabilities	13,550	614
Deferred revenue	(9,041)	15,982
Operating lease liabilities	(67)	153
Net cash used in operating activities	(110,794)	(7,568)
Cash flows from investing activities:
Purchases of in-process research and development assets	(46,335)
Purchases of marketable securities	(186,555)	(38,929)
Cash acquired in connection with Morphimmune merger, net of transaction costs		9,276
Maturities of marketable securities	155,000
Purchases of property and equipment	(7,173)	(831)
Net cash used in investing activities	(85,063)	(30,484)
Cash flows from financing activities:
Proceeds from public offering	230,002
Payment of offering costs	(15,228)	(8,997)
Proceeds from PIPE transaction		125,000
Proceeds from exercise of stock options	2,024	371
Proceeds from exercise of common stock warrants	3,731
Proceeds from issuance of common stock under ATM	20,000	34
Net cash provided by financing activities	240,529	116,408
Net increase in cash and cash equivalents and restricted cash	44,672	78,356
Cash and cash equivalents and restricted cash at beginning of period	98,779	20,423
Cash and cash equivalents and restricted cash at end of period	143,451	98,779
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	143,351	98,679
Restricted cash	100	100
Total cash, cash equivalents, and restricted cash	143,451	$ 98,779
Supplemental disclosures of non-cash investing and financing activities:
Issuance of common stock and stock-based equity awards for the Morphimmune merger		87,161
Issuance of common stock in exchange for in-process research and development assets	97,722
Net liabilities assumed from purchases of in-process research and development assets	2,041
Purchase of in-process research and development assets in accounts payable and accrued expenses	6,246
Right-of-use assets obtained in exchange for operating lease liabilities	1,189	$ 1,325
Remeasurement of operating right-of-use asset and lease liability due to lease modifications	2,035	226
Issuance of common stock to certain board of directors in lieu of accrued compensation		221
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	$ 2,806	$ 372