Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income (loss)	$ (74,911)	$ 7,304
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	12	509
Stock-based compensation expense	4,991	10,812
Amortization of operating lease right-of-use assets	543	1,469
Amortization of long-term debt discount and issuance costs	486	614
Amortization of premium on marketable securities, net of accretion of discounts	(4,611)	(6,040)
Loss on disposal of property and equipment	0	316
Changes in operating assets and liabilities:
Receivable from contracts with collaborators	(2,241)	(3,629)
Prepaid expenses and other current assets	(5,369)	(2,692)
Other assets	(100)	559
Operating lease liabilities	(534)	(1,620)
Accounts payable	(6,774)	(4,441)
Accrued expenses and other current liabilities	363	(6,282)
Accrued research and development expenses	5,146	3,082
Accrued compensation and benefits	(2,834)	(2,476)
Contract liabilities	(952)	66,696
Accrued interest expense	0	(135)
Net cash provided (used) in operating activities	(86,785)	64,046
Cash flows from investing activities
Purchase of marketable securities	(176,533)	(279,739)
Maturities of marketable securities	242,800	282,300
Purchase of property and equipment	(79)	0
Net cash provided by investing activities	66,188	2,561
Cash flows from financing activities
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan	372	348
Proceeds from the exercise of stock options	226	0
Proceeds from grant of equity option pursuant to Chiesi Collaboration Agreement	0	464
Principal repayments of long-term debt	0	(12,581)
Net cash provided by (used in) financing activities	598	(11,769)
Effect of exchange rate changes on cash and cash equivalents	234	(70)
Net increase (decrease) in cash and cash equivalents	(19,765)	54,768
Cash and cash equivalents, at the beginning of the period	46,074	32,109
Cash and cash equivalents, at the end of the period	26,309	86,877
Supplemental disclosure of cash flow information:
Cash paid for interest	5,000	5,561
Supplemental disclosure of noncash investing and financing activities:
Change in unrealized gain (loss) on marketable securities, net	$ (179)	$ (184)