STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (102,329)	$ (52,371)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	63	61
Stock-based compensation expense	9,635	6,145
Amortization of premiums and accretion of discounts on marketable securities, net	(5,015)	(3,121)
Change in fair value of embedded derivatives	(1,590)	1,360
Amortization of right-of-use asset	115	123
Non-cash research and development expense	0	739
Realized gain on marketable securities	(97)	(11)
Non-cash interest expense	1,118	145
Other non-cash expense	232	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,656)	(369)
Other long-term assets	74	(70)
Accounts payable	4,269	(261)
Accrued clinical trial expenses	10,957	1,670
Accrued expenses and other liabilities	32	2,879
Finance lease liability	(23)	17
Net cash used in operating activities	(86,215)	(43,064)
Cash flows from investing activities
Purchases of marketable securities	(170,731)	(250,634)
Proceeds from maturities and sales of marketable securities	218,774	78,981
Proceeds from sale of property and equipment	0	3
Purchases of property and equipment	(16)	(21)
Net cash provided by (used in) investing activities	48,027	(171,671)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	7,938	121,904
Proceeds from Term Loan	0	30,000
Payment for financing lease	(739)	0
Payments for financing costs	0	(476)
Payments for deferred offering costs	(230)	0
Repurchase of common shares to pay employee withholding taxes	(41)	0
Proceeds from exercise of stock options	0	325
Net cash provided by financing activities	6,928	151,753
Net change in cash and cash equivalents and restricted cash	(31,260)	(62,982)
Cash and cash equivalents and restricted cash at the beginning of the period	67,119	130,101
Cash and cash equivalents and restricted cash at the end of the period	35,859	67,119
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	0
Cash paid for interest	2,973	169
Supplemental disclosure of noncash financing activities
Right-of-use assets obtained in exchange for finance lease liabilities	0	739
Right-of-use assets obtained in exchange for operating lease liabilities	0	399
Issuance of warrant with Term Loan	$ 0	$ 1,132