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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net loss $ (158,434) $ (89,610)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,623 1,613
Accretion of discount on available-for-sale securities (3,581) (6,032)
Stock-based compensation 13,118 14,211
Reduction in the carrying amount of right-of-use assets 1,118 959
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 343 (32)
Other non-current assets (5,312) (3,184)
Accounts payable 7,756 1,247
Accrued and other current liabilities 4,973 585
Operating lease liabilities (2,034) (1,748)
Net cash used in operating activities (140,430) (81,991)
Investing activities:    
Purchases of property and equipment (137) (9)
Purchases of available-for-sale securities (147,190) (411,900)
Proceeds from maturities of available-for-sale securities 363,900 192,100
Net cash provided by (used in) investing activities 216,573 (219,809)
Financing activities:    
Proceeds from the exercise of common stock options 65 918
Proceeds from Employee Stock Purchase Plan purchases 182 215
Proceeds from the issuance of common stock 14,189 39,737
Proceeds from the issuance of common stock and pre-funded warrants, net of commissions   117,500
Payment of financing costs (660) (2,131)
Net cash provided by financing activities 13,776 156,239
Increase (decrease) in cash, cash equivalents and restricted cash 89,919 (145,561)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 (9)
Cash, cash equivalents and restricted cash    
Beginning of period 50,530 226,142
End of period 140,451 80,572
Supplemental disclosure of cash flow information:    
Cash paid for amounts included in the measurement of lease liability 2,518 3,649
Non-cash investing and financing activities:    
Deferred offering costs included in accounts payable and accrued liabilities 39 14
Deferred offering costs included in other non-current assets 2 $ 49
Deemed dividend on modification of common stock warrants $ 1,857