Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 117,755	$ (88,371)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	714	583
Gain on disposal of fixed asset	(14)	0
Stock-based compensation expense	17,405	16,855
Non-cash lease expense	1,179	685
Changes in operating assets and liabilities:
Accounts receivable	(13,074)	139
Prepaid expenses and other current assets	(557)	(10,844)
Other assets	2,056	(26)
Accounts payable	651	1,636
Right-of-use assets and operating lease liabilities	(907)	(564)
Deferred revenue	925	0
Current tax liability	6,321	0
Accrued expenses and other current liabilities	(906)	(4,454)
Net cash provided by (used in) operating activities	131,548	(84,361)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,285)	(1,256)
Net cash used in investing activities	(1,285)	(1,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of issuance costs	0	(283)
Proceeds from exercise of stock options	21	8,688
Net cash provided by financing activities	21	160,333
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	130,284	74,716
Cash, cash equivalents and restricted cash at beginning of period	561,380	332,359
Cash, cash equivalents and restricted cash at end of period	691,664	407,075
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for federal income taxes	1,500	0
Property and equipment purchases in accounts payable and accrued expenses	14	84
Issuance costs associated with the ATM agreement in accounts payable and accrued expenses	0	114
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	690,215	405,863
Restricted cash	1,449	1,212
Total cash, cash equivalents and restricted cash	691,664	407,075
Secondary Offering
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	0	151,340
At the Market Offering
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	0	629
Payment of issuance costs associated with issuance of common stock under the ATM agreement	$ 0	$ (41)