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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net (loss) income $ (21,288) $ 67,041
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 0 580
Stock-based compensation expense 3,346 2,624
Accretion of investment discount (1,340) (1,340)
Amortization of debt issuance costs and discount 1,726 2,994
Change in fair value of warrant liabilities (13,812) 3,166
Change in fair value of derivative liability (196) 154
Noncash operating lease expense for right-of-use asset 272 230
Inventory impairment expense 0 14,577
Write off of deferred asset for commitment fees 0 514
Prepayment fee for loan payable payment 0 263
Changes in operating assets and liabilities:    
Prepaid expenses, other assets, deferred costs, and other 3,388 (2,971)
License agreement contract asset 9,854 (19,363)
License agreement receivable 1,710 (2,463)
Accounts receivable 0 2,101
Inventory 0 (8,849)
Accounts payable (2,650) 1,172
Accrued expenses (3,701) 1,866
Deferred revenue (979) 3,916
Other liabilities and other (339) (6,053)
Net cash (used in) provided by operating activities (24,009) 60,159
Cash flows from investing activities:    
Purchase of investments (36,417) (85,480)
Maturity of investments 42,567 50,603
Net cash provided by (used in) investing activities 6,150 (34,877)
Cash flows from financing activities:    
Payments of offering costs (195) (135)
Payments of loan payable 0 (36,383)
Payment of loan payable prepayment fee 0 (263)
Proceeds from employee stock purchase plan issuances 56 42
Repurchase of shares to satisfy tax withholdings 0 18
Net cash used in financing activities (139) (36,721)
Net decrease in cash, cash equivalents, and restricted cash (17,998) (11,439)
Cash, cash equivalents, and restricted cash at beginning of period 34,593 46,032
Cash, cash equivalents, and restricted cash at end of period 16,595 34,593
Supplemental cash flow information:    
Cash paid for interest 840 3,248
Cash received for interest 3,296 3,520
Noncash financing and investing activities:    
Deferred offering and issuance costs included in accounts payable 110 40
Deferred offering costs reclassified to additional paid-in capital $ 0 $ 73