Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net Income (Loss)	$ (152,148)	$ (95,990)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	105	21
Accretion of discount and amortization of premium on purchase of debt securities	(8,972)	(4,433)
Accretion of loan exit fee and amortization of loan costs	810	326
Reduction in the carrying amount of operating lease right-of-use assets	2,064	2,224
Stock-based compensation	20,802	11,493
Changes in operating assets and liabilities:
Prepaid expense and other current assets	981	173
Other assets	351	(262)
Accounts payable	(3,453)	(873)
Accrued and other liabilities	7,188	(2,215)
Operating lease liabilities	(2,407)	(2,645)
Net cash used in operating activities	(134,679)	(92,181)
Cash flows from investing activities
Purchase of property and equipment	(972)	(63)
Purchase of marketable securities	(703,015)	(224,930)
Proceeds from maturities of marketable securities	274,958	176,019
Proceeds from sale of marketable securities	4,000	9,543
Net cash used in investing activities	(425,029)	(39,431)
Cash flows from financing activities
Proceeds from exercise of stock options and employee stock purchase plan	13,413	1,056
Proceeds from short swing settlement	37	0
Proceeds from borrowings, net of costs	0	24,741
Repurchase of common stock	(13)	0
Proceeds from issuance of common stock in follow-on offerings	632,500	115,000
Payment of issuance costs and underwriting fees related to follow-on offerings	(39,264)	(7,256)
Net cash provided by financing activities	606,673	133,541
Net increase in cash and cash equivalents	46,965	1,929
Cash and cash equivalents, beginning of year	45,681	43,752
Cash and cash equivalents, end of year	92,646	45,681
Supplemental disclosure of cash flow information
Cash paid for interest expense	$ 6,652	$ 3,352