Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net loss	$ (57,366)	$ (20,719)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,060	1,038
Stock-based compensation	21,662	11,382
Accretion of discounts on investments, net	(9,427)	(4,760)
Changes in operating assets and liabilities:
Accounts receivable	0	(7,500)
Prepaid expenses and other current assets	(1,049)	(2,933)
Other long-term assets	191	(131)
Accounts payable	(524)	(1,150)
Accrued expenses	4,627	1,487
Deferred revenue	0	(1,611)
Operating lease right-of-use assets and liabilities, net	(11)	39
Net cash used in operating activities	(40,837)	(24,858)
Cash flows from investing activities
Purchases of property and equipment	(844)	(292)
Purchases of short-term investments	(463,976)	(414,079)
Maturities of short-term investments	125,990	109,750
Net cash used in investing activities	(338,830)	(304,621)
Cash flows from financing activities
Proceeds from exercise of common stock options and employee stock purchase plan	1,855	4,877
Proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs	(347)	320,059
Net cash provided by financing activities	1,508	324,936
Net decrease in cash, cash equivalents and restricted cash	(378,159)	(4,543)
Cash, cash equivalents and restricted cash - beginning of year	431,421	20,021
Cash, cash equivalents and restricted cash - end of period	53,262	15,478
Supplemental disclosure of noncash investing and financing activities
Unpaid property and equipment	47	0
Unrealized gain (loss) on available-for-sale securities, net	$ 1,584	$ (2,281)