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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Collaboration revenue - related party $ 75,000 $ 72,000 $ 147,000 $ 144,000
Operating expenses:        
Research and development (including related party expenses of $— and $4,528 during the three and six months ended June 30, 2025, respectively, and $2,551 and $3,212 during the three and six months ended June 30, 2024, respectively) 86,626,000 56,193,000 163,461,000 97,136,000
General and administrative 20,216,000 16,066,000 37,319,000 31,091,000
Total operating expenses 106,842,000 72,259,000 200,780,000 128,227,000
Loss from operations (106,767,000) (72,187,000) (200,633,000) (128,083,000)
Other income (expense):        
Interest and other income 6,546,000 7,791,000 14,086,000 15,732,000
Interest and other expense (514,000) (597,000) (1,100,000) (1,184,000)
Other income, net 6,032,000 7,194,000 12,986,000 14,548,000
Net loss (100,735,000) $ (64,993,000) (187,647,000) $ (113,535,000)
Weighted-average common shares outstanding, diluted (in shares)   63,854,514   62,476,777
Comprehensive loss:        
Net loss (100,735,000) $ (64,993,000) (187,647,000) $ (113,535,000)
Other comprehensive income (loss):        
Change in unrealized gain (loss) on investments (176,000) (176,000) 79,000 (881,000)
Total other comprehensive income (loss) (176,000) (176,000) 79,000 (881,000)
Total comprehensive loss (100,911,000) (65,169,000) (187,568,000) (114,416,000)
Paragon Therapeutics        
Operating expenses:        
Research and development (including related party expenses of $— and $4,528 during the three and six months ended June 30, 2025, respectively, and $2,551 and $3,212 during the three and six months ended June 30, 2024, respectively) $ 0 $ 2,600,000 $ 4,500,000 $ 3,200,000
Common Stock        
Other income (expense):        
Net loss per share, basic (in dollars per share) $ (1.00) $ (0.77) $ (1.87) $ (1.37)
Net loss per share, diluted (in dollars per share) $ (1.00) $ (0.77) $ (1.87) $ (1.37)
Weighted-average common shares outstanding, basic (in shares) 81,593,463 63,854,514 81,471,496 62,476,777
Weighted-average common shares outstanding, diluted (in shares) 81,593,463 63,854,514 81,471,496 62,476,777
Series A Convertible Preferred Stock | Preferred Stock        
Other income (expense):        
Net loss per share, basic (in dollars per share) $ (66.99) $ (51.63) $ (124.93) $ (91.22)
Net loss per share, diluted (in dollars per share) $ (66.99) $ (51.63) $ (124.93) $ (91.22)
Weighted-average common shares outstanding, basic (in shares) 134,864 157,435 134,864 164,029
Weighted-average common shares outstanding, diluted (in shares) 134,864 157,435 134,864 164,029
Series B Convertible Preferred Stock | Preferred Stock        
Other income (expense):        
Net loss per share, basic (in dollars per share) $ (66.98) $ (51.64) $ (124.93) $ (91.22)
Net loss per share, diluted (in dollars per share) $ (66.98) $ (51.64) $ (124.93) $ (91.22)
Weighted-average common shares outstanding, basic (in shares) 145,160 143,522 145,160 143,522
Weighted-average common shares outstanding, diluted (in shares) 145,160 143,522 145,160 143,522