Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net loss	$ (69,746)	$ (35,410)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	31	33
Stock-based compensation expense	4,972	4,954
Amortization of premiums and accretion of discounts on marketable securities, net	(644)	(3,222)
Change in fair value of embedded derivatives	(150)	(1,050)
Amortization of right-of-use asset	61	56
Realized gain on marketable securities	(3)	(2)
Non-cash interest expense	613	539
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,714	(3,350)
Other long-term assets	18	(7)
Accounts payable	(3,545)	2,823
Accrued clinical trial expenses	(4,236)	2,640
Accrued expenses and other liabilities	4,962	(2,385)
Finance lease liability	0	(23)
Net cash used in operating activities	(65,953)	(34,404)
Cash flows from investing activities
Purchases of marketable securities	(38,056)	(57,093)
Proceeds from maturities and sales of marketable securities	105,316	85,605
Purchases of property and equipment	(88)	(16)
Net cash provided by investing activities	67,172	28,496
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	0	7,938
Proceeds from exercise of stock options	37	0
Payment for financing lease	0	(739)
Payments for deferred offering costs	0	(188)
Repurchase of common shares to pay employee withholding taxes	(73)	(32)
Net cash provided by (used in) financing activities	(36)	6,979
Net change in cash and cash equivalents and restricted cash	1,183	1,071
Cash and cash equivalents and restricted cash at the beginning of the period	35,859	67,119
Cash and cash equivalents and restricted cash at the end of the period	37,042	68,190
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	0
Cash paid for interest	1,464	1,496
Supplemental disclosure of noncash investing and financing activities
Deferred offering costs in accrued expenses and other current liabilities	$ 0	$ 9