Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (201,326,000)	$ (92,673,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	40,485,000	27,803,000
Change in fair value of CVR liability	35,813,000	(42,199,000)
Gain on sale of in-process research and development asset	(70,000,000)	(10,000,000)
Net accretion of discount on marketable securities	(9,493,000)	(6,005,000)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills	0	2,069,000
Changes in operating assets and liabilities:
Accounts payable	562,000	6,791,000
Accrued and other liabilities	4,937,000	(3,888,000)
Related party accounts payable	68,000	3,367,000
Prepaid expenses and other assets	(5,790,000)	(9,939,000)
Net cash used in operating activities	(204,744,000)	(124,674,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and sales of marketable securities	351,664,000	277,440,000
Purchases of marketable securities	(666,790,000)	(180,505,000)
Proceeds from sale of in-process research and development asset	70,000,000	7,000,000
Net cash (used in) provided by investing activities	(245,126,000)	103,935,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs	435,240,000	0
Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs	39,275,000	0
Payment of deferred offering costs in connection with shelf registration	(754,000)	(93,000)
Payments related to contingent value rights liability	(55,733,000)	(5,251,000)
Proceeds from employee stock option exercises and employee stock plan purchases	28,848,000	1,557,000
Net cash provided by (used in) financing activities	446,876,000	(3,787,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,994,000)	(24,526,000)
CASH AND CASH EQUIVALENTS
Beginning of period	85,721,000	89,423,000
End of period	82,727,000	64,897,000
Supplemental Disclosure of Non-Cash Financing Information:
Proceeds from stock option exercises received in subsequent period	380,000	0
Allocation of deferred offering costs against proceeds of issuance of common stock	351,000	0
Conversion of Series B non-voting convertible preferred stock into common stock	$ 9,395,000	$ 0