Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash Flows from Operating Activities
Net (loss) income	$ (11,655)	$ 207,340
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Stock-based compensation	13,802	9,352
Non-cash lease expense	569	584
Depreciation	239	236
Accretion of discount on marketable securities	(2,289)	(1,615)
Net realized loss on sale of marketable securities	5	0
Changes in operating assets and liabilities:
Receivable from collaboration partner	165,000	(290,043)
Contract asset	(22,825)
Prepaid expenses and other assets	(948)	(915)
Accounts payable	1,237	2,825
Accrued expenses and other payables	(11,817)	(2,870)
Deferred revenue	(5,496)	45,047
Income taxes payable	(800)	3,326
Operating lease liability	341
Operating lease liability		(696)
Net cash provided by (used in) operating activities	125,363	(27,429)
Cash Flows from Investing Activities
Purchase of marketable securities	(214,040)	(65,671)
Proceeds from maturities of marketable securities	113,180	71,984
Proceeds from sale of marketable securities	7,003
Purchases of property and equipment	(545)	(242)
Net cash (used in) provided by investing activities	(94,402)	6,071
Cash Flows from Financing Activities
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan	11,922	7,799
Tax withholding payments related to net settlement of restricted stock units	(479)	(600)
Net cash provided by financing activities	11,443	7,199
Net increase (decrease) in cash, cash equivalents and restricted cash	42,404	(14,159)
Cash, cash equivalents and restricted cash, beginning of period	97,474	186,952
Cash, cash equivalents and restricted cash, end of period	139,878	172,793
Supplemental Disclosure of Non-Cash Financing and Investing Information:
Purchases of property and equipment in accounts payable and accrued liabilities	$ 33	$ 45