Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (142,494)	$ (212,714)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,837	1,117
Amortization of right-of-use asset	342	390
Accretion of discounts on marketable securities	(2,839)	(2,363)
Share-based compensation expense	17,797	10,278
Loss on disposal of property and equipment	841	0
Charge for purchase of in-process research and development assets	0	124,972
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(3,447)	2,269
Accounts payable	(6,887)	256
Accrued expenses and other current liabilities	(1,167)	13,507
Deferred revenue	(6,941)	(6,303)
Operating lease liabilities	(8)	(143)
Net cash used in operating activities	(142,966)	(68,734)
Cash flows from investing activities:
Purchases of in-process research and development assets	(6,246)	(46,086)
Purchases of marketable securities	(123,266)	(112,688)
Maturities of marketable securities	200,000	70,000
Purchases of property and equipment	(5,686)	(6,047)
Net cash provided by (used in) investing activities	64,802	(94,821)
Cash flows from financing activities:
Proceeds from public offering	172,500	230,002
Proceeds from issuance of common stock under ATM	45,897	0
Payment of offering costs	(11,674)	(14,828)
Proceeds from exercise of stock options	839	1,539
Proceeds from exercise of common stock warrants	0	3,731
Net cash provided by financing activities	207,562	220,444
Net increase in cash and cash equivalents and restricted cash	129,398	56,889
Cash and cash equivalents and restricted cash at beginning of period	143,451	98,779
Cash and cash equivalents and restricted cash at end of period	272,849	155,668
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	272,639	155,568
Restricted cash	210	100
Total cash, cash equivalents, and restricted cash	272,849	155,668
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	1,248	541
Remeasurement of operating right-of-use asset and lease liability due to lease modification	811	0
Issuance of common stock in exchange for in-process research and development assets	0	76,732
Net liabilities assumed from purchases of in-process research and development assets	0	2,041
Right-of-use assets obtained in exchange for operating lease liabilities	0	1,189
Purchase of in-process research and development assets in accounts payable and accrued expenses	$ 0	$ 113