Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating expenses:
Research and development	[1]	$ 45,247	$ 44,744	$ 127,015	$ 112,308
General and administrative	[2]	11,641	10,648	35,375	35,005
Gain on sale of in-process research and development asset		0	0	(10,000)	0
Total operating expenses		56,888	55,392	152,390	147,313
Loss from operations		(56,888)	(55,392)	(152,390)	(147,313)
Other income (expense):
Interest income		5,379	5,184	17,746	15,536
Other income (expense), net		40,326	(18,802)	41,956	(19,895)
Total other income (expense)		45,705	(13,618)	59,702	(4,359)
Loss before income tax expense		(11,183)	(69,010)	(92,688)	(151,672)
Income tax (expense) benefit		0	(18)	15	(50)
Net loss		(11,183)	(69,028)	$ (92,673)	(151,722)
Net loss per share, diluted (in dollars per share)				$ (1.24)
Series A Non Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (2,066)	$ (14,610)	$ (17,138)	$ (36,733)
Net loss per share, basic (in dollars per share)		$ (5.97)	$ (42.22)	$ (49.53)	$ (95.68)
Net loss per share, diluted (in dollars per share)		$ (5.97)	$ (42.22)	$ (49.53)	$ (95.68)
Weighted-average common stock outstanding, basic (in shares)		346,045	346,045	346,045	383,903
Weighted-average common stock outstanding, diluted (in shares)		346,045	346,045	346,045	383,903
Series B Non Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (100)	$ (704)	$ (825)	$ (9,105)
Net loss per share, basic (in dollars per share)		$ (5.97)	$ (42.24)	$ (49.53)	$ (95.68)
Net loss per share, diluted (in dollars per share)		$ (5.97)	$ (42.24)	$ (49.53)	$ (95.68)
Weighted-average common stock outstanding, basic (in shares)		16,667	16,667	16,667	95,158
Weighted-average common stock outstanding, diluted (in shares)		16,667	16,667	16,667	95,158
Common Stock
Other income (expense):
Net loss		$ (9,017)	$ (53,714)	$ (74,710)	$ (105,884)
Net loss per share, basic (in dollars per share)		$ (0.15)	$ (1.06)	$ (1.24)	$ (2.39)
Net loss per share, diluted (in dollars per share)		$ (0.15)	$ (1.06)	$ (1.24)	$ (2.39)
Weighted-average common stock outstanding, basic (in shares)		60,414,223	50,889,443	60,338,541	44,263,746
Weighted-average common stock outstanding, diluted (in shares)		60,414,223	50,889,443	60,338,541	44,263,746

[1] Includes $7.0 million and $9.6 million in related party expenses for the three and nine months ended September 30, 2025, respectively, and $7.7 million and $34.2 million related party expenses for the three and nine months ended September 30, 2024, respectively.

[2] Includes related party expenses of $0.3 million for the three months ended September 30, 2025 and 2024, and $0.8 million for the nine months ended September 30, 2025 and 2024.