Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (69,005)	$ (44,773)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	12,806	8,859
Acquired in-process research and development	0	0
Change in fair value of CVR liability	30,270	(2,400)
Gain on sale of in-process research and development asset	(30,000)	0
Net accretion of discount on marketable securities	(2,059)	(2,642)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills	372	530
Changes in operating assets and liabilities:
Accounts payable	(3,212)	3,023
Accrued and other liabilities	3,653	(5,998)
Related party accounts payable	36	1,945
Prepaid expenses and other assets	(233)	462
Net cash used in operating activities	(57,372)	(40,994)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and sales of marketable securities	107,748	71,383
Purchases of marketable securities	(81,167)	(71,444)
Proceeds from sale of in-process research and development asset	30,000	0
Net cash provided by (used in) investing activities	56,581	(61)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs	9,750	0
Payment of deferred offering costs in connection with shelf registration	(171)	(93)
Proceeds from employee stock option exercises and employee stock plan purchases	2,676	218
Net cash provided by financing activities	12,255	125
NET DECREASE IN CASH AND CASH EQUIVALENTS	11,464	(40,930)
CASH AND CASH EQUIVALENTS
Beginning of period	85,721	89,423
End of period	97,185	48,493
Supplemental Disclosure of Non-Cash Financing Information:
Allocation of deferred offering costs against proceeds of issuance of common stock	$ 3	$ 0