Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net Income (Loss)	$ (96,774)	$ (66,930)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	20,478	13,454
Depreciation and amortization	925	474
Noncash lease expense	813	789
Accretion of purchase discounts and amortization of premiums on investment securities, net	(4,376)	(3,847)
Loss on disposal of property and equipment	19	42
Loss on equity method investment	0	470
Increase (decrease) in cash resulting from changes in:
Prepaid expenses and other assets	(6,917)	212
Accounts payable and accrued expenses, compensation and related expenses	(1,356)	1,306
Deferred revenue	(361)	398
Operating lease liabilities	(903)	776
Net cash used in operating activities	(88,452)	(52,856)
Investing activities:
Purchases of investment securities	(391,204)	(99,741)
Maturities of investment securities	306,482	101,382
Purchases of property and equipment	(1,239)	(1,332)
Net cash used in investing activities	(85,961)	309
Financing activities:
Proceeds from issuance of common stock, net of $0 (2025) and $17,300 (2024) of transaction costs	0	383,215
Proceeds from exercise of stock options	4,437	10,359
Net cash provided by financing activities	4,437	393,574
Net change in cash, cash equivalents and restricted cash	(169,976)	341,027
Cash, cash equivalents and restricted cash at beginning of period	265,845	56,197
Cash, cash equivalents and restricted cash at end of period	95,869	397,224
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	94,569	395,924
Restricted cash	1,300	1,300
Cash, cash equivalents and restricted cash at end of period	95,869	397,224
Noncash investing and financing activities:
Stock options exercised receivable	15	881
Amounts accrued for purchases of property and equipment	264	168
Accrued financing costs	$ 0	$ 4,325