Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (105,205)	$ (81,490)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	26,318	18,237
Change in fair value of CVR liability	34,873	(1,800)
Gain on sale of in-process research and development asset	(70,000)	(10,000)
Net accretion of discount on marketable securities	(5,152)	(4,655)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills	683	1,760
Changes in operating assets and liabilities:
Accounts payable	(3,182)	3,046
Accrued and other liabilities	225	(8,299)
Related party accounts payable	32	(572)
Prepaid expenses and other assets	(5,841)	(3,784)
Net cash used in operating activities	(127,249)	(87,557)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and sales of marketable securities	217,187	178,249
Purchases of marketable securities	(528,510)	(106,312)
Proceeds from sale of in-process research and development asset	70,000	7,000
Net cash (used in) provided by investing activities	(241,323)	78,937
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs	435,240	0
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	(454)	(93)
Payments related to contingent value rights liability	(22,933)	0
Proceeds from employee stock option exercises and employee stock plan purchases	23,255	949
Net cash provided by financing activities	444,858	856
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	76,286	(7,764)
CASH AND CASH EQUIVALENTS
Beginning of period	85,721	89,423
End of period	162,007	81,659
Supplemental Disclosure of Non-Cash Financing Information:
Proceeds from stock option exercises received in subsequent period	157	0
Allocation of deferred offering costs against proceeds of issuance of common stock	345	0
Unpaid deferred offering costs in connection with shelf registration	301	0
Conversion of Series B non-voting convertible preferred stock into common stock	$ 9,395	$ 0