Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
OPERATING ACTIVITIES
Net loss	$ (12,928)	$ (12,992)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,949	852
Depreciation expense	37	33
Loss on extinguishment of debt	0	250
Non-cash interest expense	117	876
Non-cash lease expense	53	1
(Gain) loss from changes in fair value on warrants	(59)	8
Changes in operating assets and liabilities:
Accounts receivable	(361)	0
Prepaid expenses and other current assets	(1,180)	(937)
Other assets	1	0
Accounts payable	2,047	361
Accrued expenses and other current liabilities	(6,949)	(4,124)
Deferred revenue	(1,090)	0
Net cash used in operating activities	(17,363)	(15,672)
INVESTING ACTIVITIES
Purchase of property and equipment	(426)	0
Purchases of marketable securities	(77,562)	0
Net cash used in investing activities	(77,988)	0
FINANCING ACTIVITIES
Proceeds from Series D issuance	0	170,000
Issuance costs paid on Series D issuance	0	(502)
Term loan principal payments	(1,500)	(1,500)
Proceeds from issuance of common shares upon stock option exercises	0	3
Net cash (used in) provided by financing activities	(1,500)	168,001
Effect of changes in exchange rate on cash, cash equivalents, and restricted cash	(12)	19
Net (decrease) increase in cash, cash equivalents and restricted cash	(96,863)	152,348
Cash, cash equivalents and restricted cash at beginning of period	354,349	24,957
Cash, cash equivalents and restricted cash at end of period	257,486	177,305
Supplemental non-cash disclosure:
Unpaid Series D issuance costs included in accounts payable and accrued expenses	0	256
Purchases of property and equipment in accounts payable and accrued expenses	73	0
Cash paid for interest	217	427
Right-of-use assets obtained in exchange for lease obligation	3,106	282
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	257,486	173,992
Restricted cash	0	3,313
Cash, cash equivalents, and restricted cash ending balance	$ 257,486	$ 177,305