CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (132,065)	$ (88,481)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	807	863
Stock-based compensation expense	10,856	20,542
Revaluation of contingent consideration	2,500	(26,900)
In-process research and development expense	86,905	6,629
Deferred taxes		(367)
Changes in operating assets and liabilities:
Accounts receivable	(20)	186
Prepaid expenses and other assets	(4,855)	(1,315)
Accounts payable	(4,188)	(1,473)
Accrued expenses and other liabilities	(3,942)	11,991
Deferred income	23,927
Net cash used in operating activities	(20,075)	(78,325)
Cash flows from investing activities:
Purchases of property and equipment, net	(121)	(1,309)
Purchases of marketable securities	(119,982)	(135,675)
Proceeds from sales and maturities of marketable securities	86,144	183,204
Acquisition of in-licensed assets, including transaction costs	(35,810)
Net cash (used in) provided by investing activities	(69,769)	46,220
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	74,913	26,714
Payments of employee withholding taxes related to restricted stock unit award vesting and exercise of employee stock options	(409)	(102)
Proceeds from exercise of employee stock options and the issuance of stock	32	94
Net cash provided by financing activities	74,536	26,706
Net decrease in cash and cash equivalents	(15,308)	(5,399)
Cash and cash equivalents at beginning of period	39,878	45,277
Cash and cash equivalents at end of period	24,570	$ 39,878
Supplemental disclosure of non-cash investing and financing activities:
Fair value of warrants issued in connection with in-license agreement	44,845
Deferred transaction consideration in connection with in-license agreement	$ 6,249