Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss	$ (17,715)	$ (11,105)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	159	143
Stock-based compensation	3,539	3,184
Amortization of premiums on investment securities, net	(1,060)	(1,731)
Non-cash lease expense	(4)	4
Change in operating assets and liabilities:
Prepaid expense and other assets	(1,407)	(411)
Accounts payable and other liabilities	(301)	(2,523)
Net cash used in operating activities	(16,789)	(12,439)
Cash flows from investing activities
Purchases of investment securities	(86,548)	(45,659)
Proceeds from maturities of investment securities	94,490	66,470
Purchases of property and equipment	(72)	(195)
Net cash provided by investing activities	7,870	20,616
Cash flows from financing activities
Proceeds from the exercise of stock options	23	20
Net cash provided by financing activities	23	20
Net (decrease) increase in cash and cash equivalents	(8,896)	8,197
Cash and cash equivalents at beginning of period	22,563	21,200
Cash and cash equivalents at end of period	13,667	$ 29,397
Supplemental disclosures
Purchases of property and equipment included in accounts payable and accrued expenses	$ 54