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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (66,761) $ (44,100)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation expense 8,190 6,205
Right-of-use asset - operating lease 568 401
Amortization (accretion) of premium (discount) on investment securities (1,891) (2,507)
Other non-cash items 88 31
Changes in assets and liabilities:    
Prepaid expenses and other assets (8,581) 476
Operating lease liabilities (587) (293)
Accounts payable (3,582) 828
Accrued expenses 2,480 3,074
Net cash used in operating activities (70,076) (35,885)
Investing activities    
Purchases of short-term investments (1,339,835) (2,437,029)
Sales and maturities of short-term investments 1,427,000 2,243,000
Purchases of property and equipment (590) (305)
Net cash provided by (used in) investing activities 86,575 (194,334)
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   4,727
Net cash provided by financing activities   141,901
Net increase (decrease) in cash, cash equivalents and restricted cash 16,499 (88,318)
Cash, cash equivalents and restricted cash, beginning of period 59,820 175,693
Cash, cash equivalents and restricted cash, end of period $ 76,319 87,375
Supplemental disclosure of non-cash transactions:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities   5,753
Purchases of property and equipment in accounts payable and accrued liabilities   $ 199