Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (125,695)	$ (120,965)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,811	2,867
Amortization of premiums on investments, net	394	4,089
Noncash lease expense	1,338	1,121
Change in fair value of equity investments	170	(6,382)
Change in estimated fair value of contingent consideration	(890)	1,030
Stock-based compensation	12,087	14,059
Other non-cash items, net	82	6
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	382	5,058
Other assets	657	6,200
Accounts payable	(4,226)	(1,415)
Accrued liabilities and other long-term liabilities	(17,223)	18,012
Operating lease liabilities	(2,273)	(1,796)
Net cash used in operating activities	(132,386)	(78,116)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment	0	281
Purchases of long-lived assets	(390)	(1,629)
Purchases of investments	(158,374)	(173,694)
Maturities and sales of investments	170,599	301,860
Net cash provided by investing activities	11,835	126,818
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	174	598
Issuance of common stock in connection with a follow-on public offering, net of issuance cost	162,349	0
Net cash provided by financing activities	162,523	598
Net increase in cash, cash equivalents and restricted cash and cash equivalents	41,972	49,300
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	241,070	318,695
Cash, cash equivalents and restricted cash and cash equivalents at end of period	283,042	367,995
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS TO THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	274,161	273,571
Restricted cash and cash equivalents, current	1,925	88,151
Restricted cash and cash equivalents, noncurrent	6,956	6,273
Total cash, cash equivalents and restricted cash and cash equivalents	$ 283,042	$ 367,995