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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (12,936) $ (19,016)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 46 65
Stock-based compensation 3,532 1,546
Net accretion of investments in marketable debt securities (1,557) (887)
Non-cash rent expense 407 438
Changes in operating assets and liabilities:    
Accounts receivable from collaboration with a related party 152 0
Prepaid expenses and other current assets (1,326) 937
Accounts payable (112) 158
Accrued research and development expenses (380) (582)
Other accrued expenses (4,407) (3,455)
Deferred revenue from a related party (20,600) (19,045)
Operating lease liabilities (404) (356)
Net cash used in operating activities (37,585) (40,197)
Cash flows from investing activities    
Proceeds from maturities of marketable securities 111,355 60,932
Purchases of marketable securities (208,799) (37,352)
Purchases of property and equipment (19) 0
Net cash (used in) provided by investing activities (97,463) 23,580
Cash flows from financing activities    
Proceeds from the issuance of common stock and pre-funded warrants in an underwritten offering, net of issuance costs ($12,500 from a related party) 108,080 0
Proceeds from the issuance of common stock under ATM equity offering program, net of issuance costs 0 1,922
Proceeds from the issuance of common stock under ESPP 425 357
Proceeds from the exercise of stock options 379 0
Net cash provided by financing activities 108,884 2,279
Net decrease in cash and cash equivalents (26,164) (14,338)
Cash and cash equivalents at the beginning of the period 58,450 38,344
Cash and cash equivalents at the end of the period 32,286 24,006
Supplemental non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable $ 121 $ 0