STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (133,813)	$ (100,163)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,069	1,551
Stock-based compensation	24,712	17,560
Accretion of discount on marketable securities, net	(12,545)	(9,517)
Amortization of right-of-use asset	221	181
Changes in assets and liabilities:
Prepaid expenses and other assets	3,292	(3,553)
Accounts payable	1,737	(92)
Accrued compensation	4,361	1,663
Accrued other expenses and other liabilities	1,158	526
Lease liability	(220)	(104)
Net cash used in operating activities	(109,028)	(91,948)
Cash flows from investing activities
Purchases of marketable securities	(477,055)	(255,866)
Sales of marketable securities	15,794	20,118
Maturities of marketable securities	277,917	344,379
Purchases of property and equipment	(1,312)	(5,745)
Net cash (used in) provided by investing activities	(184,656)	102,886
Cash flows from financing activities
Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering costs	239,147	52,618
Exercise of stock options	9,480	117
Payment of deferred offering costs	(262)	(165)
Proceeds from Employee Stock Purchase Plan	888	596
Net cash provided by financing activities	249,253	53,166
Net change in cash and cash equivalents	(44,431)	64,104
Cash and cash equivalents at beginning of period	86,097	21,993
Cash and cash equivalents at end of period	41,666	86,097
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use asset obtained in exchange for new operating lease liability, net of tenant improvement receivable		1,110
Property and equipment purchases included in accounts payable and accrued other expenses	$ 44	$ 227