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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (567,939) $ (75,802)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 32,275 19,513
Depreciation and amortization 683 222
Non-cash lease expense (172) (67)
Change in fair value of warrant liability 936 (497)
Amortization of premium and discounts on marketable securities (9,000) (12,057)
Realized loss on marketable securities 12 139
Net loss on disposal of property and equipment 229 10
Acquired in-process research and development 425,070 0
Change in operating assets and liabilities    
Accounts receivable (12,722) 0
Prepaid expenses and other current assets (3,010) 2,300
Interest receivable on marketable securities 132 (1,217)
Lease security deposit (4) (3)
Other non-current assets (6,029) (587)
Accounts payable (1,654) 70
Contract liabilities 3,942 0
Accrued expenses 6,838 (23)
Net cash used in operating activities (130,413) (67,999)
Cash flow from investing activities:    
Cash acquired from AnHeart acquisition 19,862 0
Transaction costs related to AnHeart acquisition (7,434) 0
Purchases of marketable securities (339,645) (703,373)
Proceeds from sale of marketable securities 450,082 712,349
Purchases of property and equipment (162) (69)
Proceeds from sale of property and equipment 0 14
Net cash provided by investing activities 122,703 8,921
Cash flow from financing activities:    
Proceeds from borrowings 12,609 0
Payments on borrowings (17,163) 0
Proceeds from issuance of common stock under ESPP 427 253
Proceeds from exercises of options 4,458 375
Net cash provided by financing activities 331 628
Effect of foreign exchange rate changes on cash and cash equivalents 453 0
Net decrease in cash and cash equivalents (6,926) (58,450)
Cash and cash equivalents, beginning of the period 42,649 101,099
Cash and cash equivalents, end of the period 35,723 42,649
Supplemental disclosure of cash flow information:    
Cash paid for interest 341 0
Cash paid for tax 373 0
Non-cash investing activities:    
Issuance of common stock related to the AnHeart acquisition 89,297 0
Issuance of convertible preferred stock related to the AnHeart acquisition 274,938 0
Issuance of warrants related to the AnHeart acquisition 764 0
Issuance of replacement awards related to the AnHeart acquisition 24,818 0
Right-of-use asset recognized 620 1,216
Operating lease liability recognized $ 608 $ 1,216