CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (11,031)	$ 1,029
Adjustments to reconcile net income loss to net cash used in operating activities:
Amortization of debt discount and issuance costs	48	29
Depreciation expense	119	123
Stock-based compensation expense	1,342	417
Non-cash lease expense	151	141
Loss from equity method investment	0	176
Loss on impairment of equity investment	74	0
Change in fair value of CVR liability	(960)	0
Change in fair value of convertible notes	0	(15,890)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	763	1,332
Other noncurrent assets	(328)	(600)
Accounts payable	(277)	928
Operating lease liability	(149)	(131)
Accrued expenses and other current liabilities	(2,234)	(2,218)
Other noncurrent liabilities	0	113
Net cash used in operating activities	(12,482)	(14,551)
Cash flows from investing activities:
Maturities of short-term investments	0	97
Net cash provided by (used in) investing activities	0	97
Cash flows from financing activities:
Proceeds from borrowings under loan and security agreement, net	0	7,000
Proceeds from issuance of common stock in pre-closing financing, net	0	42,000
Cash acquired in connection with reverse recapitalization	0	53,158
Payment of reverse recapitalization transaction costs	0	(2,812)
Net cash provided by financing activities		99,346
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(12,482)	84,892
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	78,612	31,264
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	66,130	116,156
Supplemental disclosure of non-cash operating, investing and financing activities:
Interest payments on venture debt	247	115
Short Term Investments Acquired In reverse recapitalization	0	19,905
Issuance of CVR at fair value	0	180
Transaction costs related to reverse recapitalization included in accounts payable and accrued expenses	$ 0	$ 7,201