Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (182,779)	$ (99,652)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	14,531	10,167
Net accretion of discounts on investments in marketable securities	(4,224)	(5,406)
Amortization of debt discount and accretion of deferred debt costs	773	330
Noncash operating lease expense	316	351
Depreciation	18	21
Change in fair value of warrant liability	(516)	0
Other	0	113
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(4,202)	(14,319)
Accounts payable	(752)	9,002
Accrued expenses	4,150	(1,410)
Operating lease liabilities	(354)	(91)
Other noncurrent liabilities	877	10
Net cash used in operating activities	(172,162)	(100,884)
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities	212,131	178,090
Purchases of marketable securities	(326,514)	(230,139)
Purchases of property and equipment	(72)	0
Net cash used in investing activities	(114,455)	(52,049)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of issuance costs	269,903	0
Payments of deferred offering costs	0	(116)
Proceeds from issuance of common stock under at-the-market program, net of issuance costs	21,006	21,049
Proceeds from issuance of common stock upon exercise of common stock warrants	0	29,543
Proceeds from issuance of common stock upon exercise of stock options	59	61
Proceeds from issuance of common stock under employee stock purchase plan	263	178
Payments for taxes related to net share settlement upon vesting of restricted stock units	(1,598)	(1,725)
Net cash provided by financing activities	289,633	48,990
Net change in cash and cash equivalents	3,016	(103,943)
Cash and cash equivalents at beginning of period	126,060	316,161
Cash and cash equivalents at end of period	129,076	212,218
Supplemental disclosures of cash information:
Cash paid for interest	$ 1,641	$ 1,368