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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (13,692) $ 15,193
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 29 22
Accretion related to marketable securities (17) (291)
Stock-based compensation 2,650 1,251
Change in fair value of warrant liability   (25,129)
Loss from equity method investment 599 539
Changes in operating assets and liabilities:    
Prepaid and other current assets (1,762) 1,168
Operating lease right-of-use asset 88 82
Other assets (865) 3
Accounts payable 2,206 (1,274)
Accrued and other liabilities 499 146
Operating lease liability (103) 31
Net cash used in operating activities (10,374) (8,263)
Cash flows from investing activities    
Purchases of marketable securities (161,737) (7,708)
Maturities of marketable securities 16,982 11,987
Purchases of property and equipment (91) (36)
Net cash (used in) provided by investing activities (144,846) 4,243
Cash flows from financing activities    
Proceeds from issuance of common stock in connection with follow-on public offering, net 189,407  
Proceeds from exercise of common stock options 1,339 279
Net cash provided by financing activities 190,746 279
Net increase (decrease) in cash and cash equivalents 35,526 (3,741)
Cash and cash equivalents at beginning of the period 4,576 8,740
Cash and cash equivalents at end of the period 40,102 4,999
Supplemental disclosures of cash flow information    
Offering costs recorded to additional paid-in-capital but not paid 553  
Related party    
Changes in operating assets and liabilities:    
Accounts receivable $ (6) $ (4)