SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents selected financial information about the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating Expenses
Research and development
External costs	$	31,559	$	13,862	$	50,986	$	21,168
Internally managed costs (1)	4,556		4,790		9,409		9,088
General and administrative (2)	3,121		3,243		6,722		6,913
Other segment expenses (3)	2,514		2,486		5,003		4,986
Other income, net	(800)		(3,844)		(2,374)		(6,745)
Segment net loss	$	40,950	$	20,537	$	69,746	$	35,410

(1) Includes Company-managed research, consultants and contractors, as well as internal personnel and operating expenses, and excludes stock-based compensation expense and depreciation.

(2) Excludes stock-based compensation expense and depreciation.

(3) Other segment expenses include stock-based compensation expense and depreciation.