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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net loss     $ (64,842,000) $ (98,218,000)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization $ 787,000 $ 1,100,000 1,609,000 2,131,000  
Stock-based compensation expense     13,111,000 14,028,000  
In-process research and development expenses 7,500,000 22,500,000 7,500,000 22,500,000  
Accretion on marketable securities, net     (3,485,000) (4,719,000)  
Impairment charge on operating lease assets and property and equipment       4,653,000  
Impairment charge on investment in equity securities       402,000  
Changes in operating assets and liabilities:          
Prepaid expenses and other current and long-term assets     516,000 (840,000)  
Accounts payable     1,195,000 (77,000)  
Accrued expenses and other current and long-term liabilities     (6,628,000) (2,313,000)  
Operating lease assets and liabilities, net     (1,062,000) 19,000  
Net cash used in operating activities     (52,086,000) (62,434,000)  
Cash flows from investing activities:          
Purchases of marketable securities     (67,204,000) (144,333,000)  
Maturities of marketable securities     122,827,000 90,250,000  
In-process research and development     (5,500,000) (22,500,000)  
Purchases of property and equipment     (113,000) (55,000)  
Net cash provided by (used in) investing activities     50,010,000 (76,638,000)  
Cash flows from financing activities:          
Proceeds from issuance of common stock in private placement, net of fees and expenses       43,637,000  
Proceeds from issuance of common stock in underwritten offering, net of discounts and offering costs       174,638,000  
Proceeds from the exercise of stock options     76,000 129,000  
Proceeds from issuance of common stock under the Employee Stock Purchase Plan     404,000 395,000  
Net cash provided by financing activities     480,000 218,799,000  
Net (decrease) increase in cash, cash equivalents and restricted cash     (1,596,000) 79,727,000  
Cash, cash equivalents and restricted cash at beginning of the period     68,147,000 93,483,000 $ 93,483,000
Cash, cash equivalents and restricted cash at end of the period $ 66,551,000 $ 173,210,000 66,551,000 173,210,000 $ 68,147,000
Supplemental disclosure of noncash investing and financing activities:          
Amounts accrued for in-process research and development     $ 2,000,000    
Vesting of early exercised options       310,000  
Amounts accrued for offering costs       245,000  
Amounts accrued for deferred offering costs       170,000  
Obligation accrued for investment in equity securities       $ 235,000