Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (41,640)	$ (129,492)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	611	157
Amortization of right-of-use asset	115	106
Accretion of discounts on marketable securities	(818)	(538)
Share-based compensation expense	5,703	2,159
Charge for purchase of in-process research and development assets		111,954
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,707)	2,473
Accounts payable	(3,810)	2,396
Accrued expenses and other current liabilities	(8,521)	669
Deferred revenue	(2,926)	(1,029)
Operating lease liabilities	(62)	(25)
Net cash used in operating activities	(53,055)	(11,170)
Cash flows from investing activities:
Purchases of in-process research and development assets	(6,246)	(35,067)
Maturities of marketable securities	15,000
Purchases of property and equipment	(3,665)	(2,164)
Net cash provided by (used in) investing activities	5,089	(37,231)
Cash flows from financing activities:
Proceeds from public offering	172,500	230,002
Payment of offering costs	(10,485)	(14,155)
Proceeds from exercise of stock options	213	171
Proceeds from exercise of common stock warrants		3,427
Net cash provided by financing activities	162,228	219,445
Net increase in cash and cash equivalents and restricted cash	114,262	171,044
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	257,713	269,823
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	257,613	269,723
Restricted cash	100	100
Total cash, cash equivalents, and restricted cash	257,713	269,823
Supplemental disclosures of non-cash investing and financing activities:
Issuance of common stock in exchange for in-process research and development assets		74,033
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		813
Offering costs in accounts payable	270	437
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	$ 592	$ 594