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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (129,865) $ (116,798)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of discounts on marketable securities (2,813) (5,736)
Depreciation and amortization 1,203 1,216
Stock-based compensation expense 19,935 17,091
Loss on foreign currency translation 0 (655)
Non-cash operating lease expense 2,336 2,335
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 2,221 871
Accounts payable, accrued expenses and other current liabilities (8,459) 7,335
License fees payable 35,000 0
Operating lease liabilities (2,855) (2,707)
Net cash used in operating activities (83,297) (97,048)
Investing activities    
Purchase of marketable securities (82,218) (161,497)
Proceeds from maturities of marketable securities 135,042 266,755
Purchase of property and equipment (122) (1,125)
Net cash provided by investing activities 52,702 104,133
Financing activities    
Proceeds from sale of common stock and pre-funded warrants in a private placement, net of issuance costs 143,050 0
Proceeds from issuances of common stock in "at-the-market" offerings, net of issuance costs 8,957 0
Proceeds from issuance of common stock under employee stock plans 845 1,447
Net cash provided by financing activities 152,852 1,447
Net increase in cash and cash equivalents 122,257 8,532
Cash and cash equivalents at beginning of period 47,478 38,946
Cash and cash equivalents at end of period $ 169,735 $ 47,478