CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Cash flows from operating activities
Net loss	$ (98,963)	$ (49,849)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	6,995	2,657
Change in fair value of derivative liability		3,095
Net accretion of discounts on marketable securities	(983)	(48)
Depreciation and amortization	843	758
Non-cash lease expense	266	11
Changes in operating assets and liabilities:
Research and development prepaid expenses	561	(2,949)
Other prepaid expenses and other assets	583	(165)
Other long term assets	(38)
Accounts payable	(2,151)	5,715
Deferred revenue	2,611
Research and development accrued expenses	5,550	229
Other accrued expenses and current liabilities	4,988	(3,212)
Operating lease liabilities	(617)	(504)
Net cash used in operating activities	(80,355)	(44,262)
Cash flows from investing activities
Maturities of marketable securities	64,000	1,000
Purchases of marketable securities	(24,535)	(19,655)
Purchases of property and equipment	(37)	(155)
Net cash provided by (used in) investing activities	39,428	(18,810)
Cash flows from financing activities
Proceeds from issuance of redeemable convertible preferred stock and derivative liability, net of issuance costs		129,118
Proceeds from issuance of common stock upon exercise of stock options		29
Net cash provided by financing activities		129,147
Net (decrease) increase in cash, cash equivalents and restricted cash	(40,927)	66,075
Cash, cash equivalents and restricted cash at beginning of period	170,632	47,133
Cash, cash equivalents and restricted cash at end of period	129,705	113,208
Supplemental disclosures:
Recognition of derivative liability upon issuance of redeemable convertible preferred stock		8,913
Vesting of early exercised stock options and unvested restricted shares of common stock	226	500
Deferred offering costs in accounts payable and other accrued expenses and current liabilities		235
Right-of-use assets obtained in exchange for operating lease liabilities	1,776
Purchases of property and equipment in other accrued expenses and current liabilities	165	301
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	128,543	112,071
Restricted cash		113
Restricted cash, non-current	1,162	1,024
Total cash, cash equivalents and restricted cash	$ 129,705	$ 113,208