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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (94,260) $ (72,891)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation expense 13,042 6,314
Right-of-use asset- operating lease 1,004 585
Accretion of discount/premium on investment securities (5,611) (86)
Other non-cash items 70 46
Changes in assets and liabilities:    
Prepaid expenses and other assets (1,252) (4,546)
Lease liability - operating lease (731) (610)
Accounts payable 2,807 725
Accrued expenses 3,719 2,018
Net cash used in operating activities (81,212) (68,445)
Investing activities    
Purchases of short-term investments (4,244,538) (1,924,423)
Sales and maturities of short-term investments 4,053,000 2,059,500
Purchases of property and equipment (325) (25)
Net cash (used in) provided by investing activities (191,863) 135,052
Financing activities    
Proceeds from public offering, net of underwriting discounts and issuance costs 117,172 59,480
Proceeds from at-the-market offering, net of issuance costs 35,245 28,498
Proceeds from exercise of stock options and warrants 4,785 420
Net cash provided by financing activities 157,202 88,398
Net (decrease) increase in cash, cash equivalents and restricted cash (115,873) 155,005
Cash, cash equivalents and restricted cash, beginning of period 175,693 20,688
Cash, cash equivalents and restricted cash, end of period 59,820 175,693
Supplemental disclosure of non-cash transactions:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 5,753  
Conversion of Series X Preferred Stock into common stock   1,074
Purchases of property and equipment in accounts payable and accrued liabilities   17
Public offering issuance costs in accrued expenses   $ 120