Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
REVENUE:
Total revenue	$ 18,168	$ 37	$ 229,414	$ 120
OPERATING EXPENSES:
Research and development	(43,503)	(40,515)	(92,212)	(78,773)
General and administrative	(14,482)	(9,961)	(24,979)	(20,269)
Total operating expenses	(57,985)	(50,476)	(117,191)	(99,042)
INCOME (LOSS) FROM OPERATIONS	(39,817)	(50,439)	112,223	(98,922)
OTHER INCOME (EXPENSE), NET
Dividend income	7,120	5,378	13,912	11,184
Other expense, net	(221)	(196)	(559)	(633)
Total other income, net	6,899	5,182	13,353	10,551
Income (loss) before income taxes	(32,918)	(45,257)	125,576	(88,371)
Income tax (provision) benefit	2,222	0	(7,821)	0
Net income (loss)	(30,696)	(45,257)	117,755	(88,371)
Net income (loss) attributable to common stockholders - basic	(30,696)	(45,257)	117,755	(88,371)
Net income (loss) attributable to common stockholders - diluted	$ (30,696)	$ (45,257)	$ 117,755	$ (88,371)
Weighted average shares of common stock outstanding - Basic (in shares)	40,612,907	36,103,187	40,586,279	35,894,305
Weighted average shares of common stock outstanding - diluted (in shares)	40,612,907	36,103,187	41,153,758	35,894,305
Net income (loss) per share of common stock - Basic (in USD per share)	$ (0.76)	$ (1.25)	$ 2.90	$ (2.46)
Net income (loss) per share of common stock - Diluted (in USD per share)	$ (0.76)	$ (1.25)	$ 2.86	$ (2.46)
Service and other revenue
REVENUE:
Total revenue	$ 18,168	$ 37	$ 34,059	$ 120
License revenue
REVENUE:
Total revenue	$ 0	$ 0	$ 195,355	$ 0