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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net loss $ (149,631) $ (82,084)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,360 5,734
Amortization of insurance premium 566 1,723
Amortization of operating lease right-of-use assets 345 347
Amortization of leasehold improvements 1 1
Change in operating lease liability (357) (356)
Change in fair value of warrant liabilities 80,845 39,611
Changes in operating assets and liabilities:    
Financed insurance premium   (1,546)
Prepaid expenses (1,815) (480)
Accounts payable 1,095 1,471
Accrued expenses and other current liabilities (1,486) (2,816)
Other liabilities (759) 227
Net cash used in operating activities (64,836) (38,168)
INVESTING ACTIVITIES:    
Proceeds from sale of available-for-sale securities   4,944
Proceeds from maturities of available-for-sale securities   8,928
Net cash provided by investing activities   13,872
FINANCING ACTIVITIES:    
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 104,748 34,606
Proceeds from financed insurance premium   1,546
Repayments of short-term borrowings (311) (1,393)
Exercise of common warrants 9,025 10,250
Exercise of stock options 343 87
Net cash provided by financing activities 113,805 45,096
NET INCREASE IN CASH AND CASH EQUIVALENTS 48,969 20,800
Cash and cash equivalents at beginning of period 49,898 16,657
Cash and cash equivalents at end of period 98,867 37,457
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Conversion of warrant liabilities to equity for warrant exercises 52,193 16,505
Operating lease right of use asset obtained in exchange for operating lease liability $ 1,861  
Unrealized loss on marketable securities   (51)
Offering costs still in accrued expenses   $ 152