Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Cash flows from operating activities:
Net loss	$ (53,839)	$ (41,640)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	603	611
Amortization of right-of-use asset	150	115
Accretion of discounts on marketable securities	0	(818)
Share-based compensation expense	7,953	5,703
Loss on disposal of property and equipment	79	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(5,098)	(1,707)
Accounts payable	1,421	(3,810)
Accrued expenses and other current liabilities	(9,746)	(8,521)
Deferred revenue	(0)	(2,926)
Operating lease liabilities	(161)	(62)
Net cash used in operating activities	(58,638)	(53,055)
Cash flows from investing activities:
Purchases of in-process research and development assets	(9,014)	(6,246)
Purchases of property and equipment	(3,002)	(3,665)
Maturities of marketable securities	0	15,000
Net cash (used in) provided by investing activities	(12,016)	5,089
Cash flows from financing activities:
Proceeds from public offerings	0	172,500
Payment of offering costs	(364)	(10,485)
Proceeds from exercise of stock options	229	213
Net cash (used in) provided by financing activities	(135)	162,228
Net (decrease) increase in cash and cash equivalents and restricted cash	(70,789)	114,262
Cash and cash equivalents and restricted cash at beginning of period	653,692	143,451
Cash and cash equivalents and restricted cash at end of period	582,903	257,713
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	582,693	257,613
Restricted cash	210	100
Total cash, cash equivalents, and restricted cash	582,903	257,713
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	1,131	592
Purchases of in-process research and development assets, including payments owed upon achievement of development milestones, in accounts payable and accrued expenses	986	0
Offering costs in accounts payable and accrued expenses and other current liabilities	$ 0	$ 270