Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 89,423,000	$ 188,893,000
Marketable securities	513,665,000	150,384,000
Prepaid expenses and other current assets	5,386,000	2,251,000
Total current assets	608,474,000	341,528,000
Restricted cash	0	322,000
Other non-current assets	10,000	9,000
TOTAL ASSETS	608,484,000	341,859,000
CURRENT LIABILITIES
CVR liability	25,080,000	1,390,000
Accrued and other current liabilities	27,711,000	13,108,000
Total current liabilities	54,060,000	31,978,000
Non-current CVR liability	36,620,000	41,310,000
TOTAL LIABILITIES	90,680,000	73,288,000
Commitments and Contingencies (Note 8, Note 9)
Series B non-voting convertible preferred stock, $0.0001 par value; 150,000 shares authorized, issued, and outstanding as of December 31, 2023.	0	84,555,000
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 60,257,023 shares and 36,057,109 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively.	13,000	10,000
Additional paid-in capital	1,334,223,000	763,191,000
Accumulated other comprehensive income	180,000	302,000
Accumulated deficit	(972,432,000)	(764,414,000)
TOTAL STOCKHOLDERS’ EQUITY	517,804,000	184,016,000
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	608,484,000	341,859,000
Series A Non-Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	146,425,000	184,927,000
Series B Non-Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	9,395,000	0
Preferred Stock, Excluding Non-Voting Stock
STOCKHOLDERS’ EQUITY
Preferred stock	0	0
Related Party
CURRENT LIABILITIES
Accounts payable	603,000	16,584,000
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	$ 666,000	$ 896,000