Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (20,781)	$ (1,697)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,022	465
Non-cash operating lease expense	39	88
Accretion of discounts and amortization of premiums on investments, net	(669)	(63)
Foreign currency gain from remeasurement	24	28
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,893	216
Long-term assets	(10)	15
Accounts payable	72	20
Accrued expenses and other liabilities	2,035	(745)
Operating lease liabilities	(59)	(124)
Long-term liabilities	0	(22)
Net cash used in operating activities	(15,434)	(1,819)
Cash flow from investing activities:
Purchase of marketable securities	(58,751)	0
Proceeds from maturities of marketable securities	16,000	13,751
Net cash (used in) provided by investing activities	(42,751)	13,751
Cash flows from financing activities
Proceeds from the exercise of stock options	0	15
Net cash provided by financing activities	0	15
Effect of exchange rate changes on cash	(24)	(28)
Net change in cash and cash equivalents	(58,209)	11,919
Cash and cash equivalents at beginning of period	87,229	93,112
Cash and cash equivalents at end of period	29,020	105,031
Supplemental disclosure of cash flow information:
Cash paid for leases included in operating cash outflows	69	133
Supplemental disclosure of non-cash investing and financing activities:
Deferred transaction costs accrued but not yet paid	$ 0	$ 952