CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net (loss) income	$ (104,586)	$ 64,495
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation expense	3,210	2,781
Stock‑based compensation expense	15,251	13,215
Amortization/(accretion) of marketable securities	(3,038)	(7,511)
Changes in operating assets and liabilities:
Collaboration receivable	2,484	3,275
Prepaid expenses and other current assets	6,138	(1,464)
Right-of-use assets, operating leases	8,998	7,717
Other non-current assets	121	2,044
Accounts payable	(922)	(1,855)
Accrued expenses and other current liabilities	2,592	2,133
Income tax payable	(47)	(1,773)
Operating lease liabilities	(6,807)	(6,916)
Deferred revenue	(19,703)	(86,093)
Net cash used in operating activities	(96,309)	(9,952)
Cash flows from investing activities:
Purchases of property and equipment	(1,248)	(2,523)
Purchases of marketable securities	(123,140)	(373,220)
Maturities of marketable securities	212,077	294,580
Net cash provided by (used in) investing activities	87,689	(81,163)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs paid	0	99,608
Proceeds from exercise of stock options	378	1,691
Proceeds from issuance of common stock under the employee stock purchase plan	317	263
Net cash provided by financing activities	695	101,562
Net (decrease) increase in cash, cash equivalents, and restricted cash	(7,925)	10,447
Cash, cash equivalents, and restricted cash at beginning of period	105,161	71,552
Cash, cash equivalents, and restricted cash at end of period	97,236	81,999
Supplemental cash flow disclosures:
Purchases of property and equipment included in accounts payable and accrued expenses	0	60
Vesting of options early exercised subject to repurchase	$ 14	$ 38