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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 Income (Loss) $ (39,576) $ (31,079)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 13,379 2,659
Depreciation and amortization 77 67
Change in the fair value of contingent consideration liabilities (64,330) 2,456
Change in fair value of debt, net (12,197) 828
Change in fair value of warrants (35,623) 4,464
Gain on settlement of accounts payable (3,720) 0
Intangible asset impairment charge 67,808 0
Acquired in-process research and development from the Orphai Acquistion 59,000 0
Gain on Orphai Acquisition (1,305) 0
Amortization of discount on available-for-sale investments (62) (590)
Changes in operating assets and liabilities, net of acquisitions:    
Prepaid expenses and other current assets (3,277) 588
Right of use assets, operating leases and operating lease liabilities 451 53
Other assets 1,774 (121)
Accounts payable 6,171 (1,417)
Accrued expenses and other current liabilities (15,097) 1,103
Other liabilities 13 (27)
Net cash used in operating activities (26,514) (21,016)
Cash flow from investing activities:    
Purchase of investments 0 (13,789)
Proceeds from maturities of investments 12,000 31,000
Purchase of property and equipment 0 (274)
Net cash assumed in the Orphai Acquisition 8,001 0
Net cash provided by investing activities 20,001 16,937
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of stock options 0 183
Proceeds from issuance of common stock, common warrants, and pre-funded warrants pursuant to June 2025 private placement offering, net of issuance costs 0 11,426
Proceeds from issuance of Series C Preferred Stock and Financing Warrants pursuant to May 2026 private placement offering, net of issuance costs 103,639 0
Issuance of common stock in connection with the ATM offerings, net of issuance costs 20,338 2,890
Repayment of debt (5,545) 0
Cash settlement of common warrants (56) 0
Net cash provided by financing activities 118,376 14,499
Effect of exchange rate changes on cash (1,691) 194
Net increase in cash and cash equivalents 110,172 10,614
Cash and cash equivalents at beginning of period 5,809 6,212
Cash and cash equivalents at end of period 115,981 16,826
Supplemental disclosures of cash flow and non-cash information:    
Cash paid for interest 29 117
Offering costs in accounts payable and accrued expenses 0 193
Noncash exercise of pre-funded warrants 341 0
Common stock and Series C Preferred Stock issued in connection with Orphai Acquisition 51,388 0
Fair value of replacement awards issued as consideration in the Orphai Acquisition 4,161 0
Net liabilities assumed in connection with Orpahi Acquisition $ 9,283 $ 0