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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (78,762) $ (49,375)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount on available-for-sale securities (800) (1,581)
Equity-based compensation expense 6,486 3,703
Depreciation and amortization expense 793 1,562
Non-cash lease expense 1,162 1,241
Change in fair value of derivative liabilities 2,550 0
Other 55 (94)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,060) (1,556)
Accounts payable 467 472
Operating lease liabilities (848) (864)
Accrued expenses and other liabilities 1,695 (167)
Net cash used in operating activities (69,262) (46,659)
Cash flows from investing activities:    
Purchases of property and equipment (503) (435)
Proceeds from maturities of available-for-sale securities 69,000 60,300
Purchases of available-for-sale securities (128,777) (103,536)
Other 85 5
Net cash used in investing activities (60,195) (43,666)
Cash flows from financing activities:    
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of underwriting discounts and commissions 189,637 0
Payments of common stock and pre-funded warrants issuance costs in public offering (1,681) 0
Proceeds from issuance of common stock and pre-funded warrants in private placement 0 108,858
Payments of common stock and pre-funded warrants issuance costs in private placement 0 (5,111)
Proceeds from issuance of common stock in at-the-market public offering, net of sales commissions 246 8,414
Proceeds from exercises of common stock options 6 160
Employee stock purchase plan purchases 196 145
Payments of principal portion of finance lease obligations (277) (225)
Net cash provided by financing activities 188,127 112,241
Net increase in cash, cash equivalents, and restricted cash 58,670 21,916
Cash, cash equivalents, and restricted cash at beginning of period 82,187 75,848
Cash, cash equivalents, and restricted cash at end of period 140,857 97,764
Supplemental disclosure of cash flow information:    
Cash paid for Interest 128 183
Supplemental disclosure of non-cash investing and operating activities:    
Common stock issued as payment for developmental milestone consideration 5,000 0
Right-of-use assets acquired through operating leases 0 407
Decrease in right-of-use assets due to lease termination 0 (197)
Property and equipment purchases included in accounts payable and accrued expenses $ 0 $ 20