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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows used in operating activities:        
Net Income (Loss) $ (17,459) $ 76,971 $ (35,170) $ 8,433
Adjustments to reconcile net loss to net cash used in operating activities:        
Gain on lease termination       (10)
Non-cash lease expense     232 271
Accretion on investment discounts     (1,375) (1,916)
Stock-based compensation 2,428 1,783 7,986 6,540
Change in fair value of warrant liabilities (564) (96,439) (22,917) (51,829)
Changes in operating assets and liabilities:        
Prepaid expenses and other assets     540 1,685
Accounts payable, accrued expenses and other liabilities     2,686 8,791
Operating lease liabilities     (232) (249)
Net cash used in operating activities     (48,250) (28,284)
Cash flows from investing activities:        
Purchase of available-for-sale short-term investments     (91,909) (83,350)
Proceeds from maturities of available-for-sale short-term investments     123,164 60,418
Net cash provided by (used in) investing activities     31,255 (22,932)
Cash flows from financing activities:        
Proceeds from exercise of stock options     115  
Proceeds from issuances of common stock and pre-funded warrants, net       53,355
Net cash provided by financing activities     115 53,355
Net change in cash and cash equivalents     (16,880) 2,139
Cash and cash equivalents at beginning of period     20,549 4,612
Cash and cash equivalents at end of period $ 3,669 $ 6,751 3,669 6,751
Noncash activities:        
Unrealized gain (loss) on available-for-sale securities, net     $ (17) 102
Increase in operating lease asset and liability due to new lease       377
Settlement of warrant liability into common stock due to exercise       $ 420