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	$ (92,673)	$ (151,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	27,803	35,617
Change in fair value of CVR liability	(42,199)	19,630
Gain on sale of in-process research and development asset	(10,000)	0
Net accretion of discount on marketable securities	(6,005)	(8,985)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills	2,069	581
Changes in operating assets and liabilities:
Accounts payable	6,791	4,268
Accrued and other liabilities	(3,888)	(257)
Related party accounts payable	3,367	(15,138)
Prepaid expenses and other assets	(9,939)	(4,205)
Net cash used in operating activities	(124,674)	(120,211)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and sales of marketable securities	277,440	183,419
Purchases of marketable securities	(180,505)	(366,160)
Proceeds from sale of in-process research and development asset	7,000	0
Net cash provided by (used in) investing activities	103,935	(182,741)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Series B non-voting convertible preferred stock in connection with private placement, net of placement and other offering costs	0	168,850
Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs	0	11,760
Payment of deferred offering costs in connection with shelf registration	(93)	(78)
Payments related to CVR	(5,251)	(1,430)
Proceeds from employee stock option exercises and employee stock plan purchases	1,557	6,203
Net cash (used in) provided by financing activities	(3,787)	185,305
Effect of exchange rate on cash and cash equivalents	0	12
NET DECREASE IN CASH AND CASH EQUIVALENTS	(24,526)	(117,635)
CASH AND CASH EQUIVALENTS
Beginning of period	89,423	189,215
End of period	64,897	71,580
Supplemental Disclosure of Non-Cash Financing Information:
Exchange of Series A non-voting convertible preferred stock for common stock	0	38,502
Conversion of Series B non-voting convertible preferred stock into common stock	0	244,010
Unpaid amounts related to issuance of common stock in connection with at-the-market offerings, net of offering costs	0	329
Allocation of deferred offering costs against proceeds of issuance of common stock	$ 0	$ 10