CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net Income (loss)	$ 65,626	$ (6,685)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3,773	2,841
Stock‑based compensation expense	17,915	13,111
Net amortization of premium (accretion of discount) on marketable securities	(10,018)	(5,779)
Changes in operating assets and liabilities:
Collaboration receivable	2,198	(5,878)
Prepaid expenses and other current assets	(4,437)	8,622
Right-of-use assets, operating leases	10,370	11,989
Other non-current assets	2,506	(11,563)
Accounts payable	991	(2,805)
Accrued expenses and other current liabilities	1,708	3,812
Income taxes payable	(3,357)	4,024
Deferred revenue	(119,809)	139,976
Operating lease liabilities	(9,023)	(11,862)
Net cash (used in) provided by operating activities	(41,557)	139,803
Cash flows from investing activities:
Purchases of property and equipment	(3,158)	(5,614)
Purchases of marketable securities	(437,717)	(407,207)
Maturities of marketable securities	413,077	274,426
Net cash used in investing activities	(27,798)	(138,395)
Cash flows from financing activities:
Proceeds from exercise of stock options	2,782	1,187
Proceeds from issuance of common stock under the employee stock purchase plan	574	443
Net cash provided by financing activities	102,964	21,037
Net increase in cash, cash equivalents and restricted cash	33,609	22,445
Cash, cash equivalents and restricted cash at beginning of year	71,552	49,107
Cash, cash equivalents and restricted cash at end of year	105,161	71,552
Supplemental cash flow disclosures:
Purchases of property and equipment included in accounts payable and accrued expenses	560	208
Right-of-use assets obtained in exchange for operating lease liabilities	0	77,584
Right-of-use assets surrendered as part of lease modification	0	9,445
Transfer of deposits for equipment from operating to investing cash flows	0	617
Vesting of options early exercised subject to repurchase	51	91
Cash paid for income taxes	4,622	14,717
Registered Direct Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	99,608	0
Vertex Agreement
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 0	$ 19,407