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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Total revenue $ 17,389  
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] us-gaap:LicenseMember us-gaap:LicenseMember
Operating expenses:    
Research and development expenses, including related party expenses of $262 and $421 for the three months ended March 31, 2025 and 2024, respectively $ 96,622 $ 41,961
General and administrative expenses 22,295 5,632
Total operating expenses 118,917 47,593
Loss from operations (101,528) (47,593)
Other income (expense):    
Interest income 2,609 854
Change in fair value of derivative liability   (3,095)
Other income (expenses), net (44) (15)
Total other income (expense), net 2,565 (2,256)
Net loss (98,963) (49,849)
Other comprehensive income (loss):    
Unrealized gain (loss) on marketable securities, net (48) (3)
Net loss and other comprehensive loss $ (99,011) $ (49,852)
Net loss per share attributable to common stockholders, basic $ (1.82) $ (21.03)
Net loss per share attributable to common stockholders, diluted $ (1.82) $ (21.03)
Weighted-average shares of common stock outstanding, basic 54,280,264 2,370,051
Weighted-average shares of common stock outstanding, diluted 54,280,264 2,370,051