Consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 89,397	$ (52,069)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	923	1,111
Amortization and accretion of marketable securities	33	(313)
Stock-based compensation	14,351	12,837
Reduction in the carrying amount of right of use assets	1,211	1,112
Changes in assets and liabilities:
Prepaid expenses and other current assets	(6,405)	(993)
Accounts payable, accrued liabilities and lease liabilities	7,506	1,658
Deferred revenue	(611)	(5,386)
Net cash provided by (used in) operating activities	106,405	(42,043)
Cash flows from investing activities:
Purchases of marketable securities	(200,569)	(88,232)
Purchases of property and equipment	(306)	(58)
Sales of marketable securities	66,030	10,000
Net cash used in investing activities	(134,845)	(78,290)
Cash flows from financing activities:
Proceeds from Employee Stock Purchase Plan	370	168
Proceeds from issuance of common stock upon exercise of stock options	1,558	1,016
Proceeds from issuance of common stock in controlled equity offering sales agreements		1,299
Proceeds from follow-on offering, net of underwriting discounts, commissions and offering costs		119,884
Net cash provided by financing activities	1,928	122,367
Net (decrease) increase in cash, cash equivalents and restricted cash	(26,512)	2,034
Cash, cash equivalents and restricted cash—beginning of period	128,780	192,011
Cash, cash equivalents and restricted cash—end of period	102,268	194,045
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Property and equipment included in accrued expense and accounts payable	$ 51	$ 0