Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 81,659	$ 89,423
Marketable securities	444,921	513,665
Prepaid expenses and other current assets	12,252	5,386
Total current assets	538,832	608,474
Other non-current assets	0	10
TOTAL ASSETS	538,832	608,484
CURRENT LIABILITIES
CVR liability	59,900	25,080
Accrued and other current liabilities	19,416	27,711
Total current liabilities	83,059	54,060
Non-current CVR liability	0	36,620
TOTAL LIABILITIES	83,059	90,680
Commitments and Contingencies (Note 6 and 7)
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 60,372,927 shares and 60,257,023 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.	13	13
Additional paid-in capital	1,353,408	1,334,223
Accumulated other comprehensive income	454	180
Accumulated deficit	(1,053,922)	(972,432)
TOTAL STOCKHOLDERS’ EQUITY	455,773	517,804
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	538,832	608,484
Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Series A non-voting convertible preferred stock & preferred stock shares authorized, issued, and outstanding, value	146,425	146,425
Series B Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Series A non-voting convertible preferred stock & preferred stock shares authorized, issued, and outstanding, value	9,395	9,395
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Series A non-voting convertible preferred stock & preferred stock shares authorized, issued, and outstanding, value	0	0
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	3,712	666
Related Party
CURRENT LIABILITIES
Related party accounts payable	$ 31	$ 603