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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Collaboration arrangement revenue $ 0 $ (6,651)
Operating expenses:    
Research and development 48,143 31,729
General and administrative 17,959 9,875
Total operating expenses 66,102 41,604
Loss from operations (66,102) (48,255)
Change in fair value of convertible notes 15,890 (6,193)
Other income (expense), net 4,125 1,023
Total other income (expense), net 20,015 (5,170)
Loss before provision for income taxes and loss from equity method investment (46,087) (53,425)
Provision for income taxes (21) (318)
Loss from equity method investment (1,625) 0
Net loss $ (47,733) $ (53,743)
Net loss per share - basic $ (5.12) $ (153.96)
Net loss per share - diluted $ (6.58) $ (153.96)
Weighted-average common shares - basic 9,320,884 349,060
Weighted-average common shares - diluted 9,657,696 349,060