CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (49,013)	$ (40,798)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	537	513
Stock-based compensation	8,715	9,059
Accretion of discount on marketable securities, net	(1,013)	(1,923)
Amortization of right-of-use asset	53	41
Changes in assets and liabilities:
Prepaid expenses and other assets	3,045	(1,478)
Accounts payable	1,446	2,858
Accrued compensation	(6,752)	(6,081)
Accrued other expenses and other liabilities	635	122
Lease liability	(196)	(179)
Net cash used in operating activities	(42,543)	(37,866)
Cash flows from investing activities
Purchases of marketable securities	(110,152)	(122,180)
Sales of marketable securities	3,966	15,000
Maturities of marketable securities	108,879	151,122
Purchases of property and equipment	(260)	(44)
Net cash provided by investing activities	2,433	43,898
Cash flows from financing activities
Exercise of stock options	12,173	2,261
Payment of deferred offering costs		(38)
Net cash provided by financing activities	12,173	2,223
Net change in cash and cash equivalents	(27,937)	8,255
Cash and cash equivalents at beginning of period	61,148	41,666
Cash and cash equivalents at end of period	33,211	49,921
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable and accrued other expenses	$ 41
Deferred offering costs included in accounts payable and accrued other expenses		$ 395