STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (129,468)	$ (127,847)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,220	1,107
Stock-based compensation expense	25,037	20,213
Accretion of discount on investments, net	(2,300)	(8,103)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,787	143
Accounts payable and accrued other liabilities	(7,246)	1,825
Net cash used in operating activities	(110,970)	(112,662)
Cash flows from investing activities:
Acquisitions of property and equipment	(712)	(1,188)
Purchases of investments	(399,819)	(251,920)
Maturities of investments	252,500	275,245
Net cash (used in) provided by investing activities	(148,031)	22,137
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants	244,369	125,000
Issuance costs associated with financings	(2,397)	(168)
Proceeds from issuance of common stock under ESPP	1,313	1,084
Proceeds from stock option exercises	1,979	631
Net cash provided by financing activities	245,264	126,547
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,737)	36,022
Cash, cash equivalents and restricted cash at beginning of period	59,897	23,875
Cash, cash equivalents and restricted cash at end of period	$ 46,160	$ 59,897