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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (33,709) $ (19,928)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation expense 3,839 2,754
Right-of-use asset - operating lease 281 153
Accretion of discount/premium on investment securities (1,053) (678)
Other non-cash items 20 13
Changes in assets and liabilities:    
Prepaid expenses and other assets (1,393) (930)
Lease liability - operating lease (290) (161)
Accounts payable (625) (651)
Accrued expenses (1,088) 334
Net cash used in operating activities (34,018) (19,094)
Investing activities    
Purchases of short-term investments (751,417) (1,049,231)
Sales and maturities of short-term investments 780,000 923,000
Net cash provided by (used in) investing activities 28,583 (126,231)
Financing activities    
Proceeds from public offering, net of underwriting discounts and issuance costs   117,172
Proceeds from at-the-market offering, net of issuance costs   20,002
Proceeds from exercise of stock options and warrants   4,633
Net cash provided by financing activities   141,807
Net decrease in cash, cash equivalents and restricted cash (5,435) (3,518)
Cash, cash equivalents and restricted cash, beginning of period 59,820 175,693
Cash, cash equivalents and restricted cash, end of period $ 54,385 172,175
Supplemental disclosure of non-cash transactions:    
Public offering issuance costs in accounts payable and accrued expenses   $ 280