Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (38,837)	$ (81,490)	$ (82,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	8,700	18,237	22,517
Change in fair value of CVR liability		(1,800)	930
Gain on sale of in-process research and development asset	0	(10,000)	0
Net accretion of discount on marketable securities		(4,655)	(5,984)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills		1,760	124
Changes in operating assets and liabilities:
Accounts payable		3,046	2,335
Accrued and other liabilities		(8,299)	(7,623)
Related party accounts payable		(572)	(12,906)
Prepaid expenses and other assets		(3,784)	(7,489)
Net cash used in operating activities		(87,557)	(90,790)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and sales of marketable securities		178,249	105,626
Purchases of marketable securities		(106,312)	(331,107)
Proceeds from sale of in-process research and development asset		7,000	0
Net cash provided by (used in) investing activities		78,937	(225,481)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Series B non-voting convertible preferred stock in connection with private placement, net of placement and other offering costs		0	169,070
Payments related to CVR		0	(1,430)
Payment of deferred offering costs in connection with shelf registration		(93)	0
Proceeds from employee stock option exercises and employee stock plan purchases		1,066	4,885
Cash settlement of employee stock option award		(117)	0
Net cash provided by financing activities		856	172,525
Effect of exchange rate on cash, cash equivalents, and restricted cash		0	(4)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(7,764)	(143,750)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
Beginning of period		89,423	189,215
End of period	45,465	81,659	45,465
Supplemental Disclosure of Non-Cash Financing Information:
Exchange of Series A non-voting convertible preferred stock for common stock		0	38,502
Conversion of Series B non-voting convertible preferred stock into common stock		0	244,010
Unpaid amounts related to issuance of Series B non-voting convertible preferred stock in connection with private placement		0	220
Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Statement of Financial Position:
Cash and cash equivalents	45,144	81,659	45,144
Restricted cash	321	0	321
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 45,465	$ 81,659	$ 45,465