CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income (loss)	$ (155,101)	$ 109,195
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity-based compensation expense	30,438	27,957
Amortization (accretion) on marketable securities	(10,154)	1,294
Impairment of long-lived assets	440	0
Depreciation and amortization	310	93
Non cash contributions from noncontrolling interests	131	374
Gain on sale of Cullinan Pearl	0	(276,785)
Realized loss on marketable securities	0	109
Gain on disposal of fixed assets	0	(77)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(5,944)	(1,130)
Accounts payable	(167)	(509)
Accrued expenses and other liabilities	10,054	8,533
Income tax payable	(4,282)	4,282
Net cash used in operating activities	(134,275)	(126,664)
Investing activities:
Proceeds from maturities of marketable securities	409,397	352,933
Purchase of Marketable securities	(373,383)	(377,916)
Purchases of property and equipment	(208)	(1,133)
Sale of Cullinan Pearl, net of cash transferred with sale of $2,898	0	275,000
Proceeds from sale of property and equipment	0	91
Net cash provided by investing activities	35,806	248,975
Financing activities:
Proceeds from issuance of common stock	38,388	0
Proceeds from net issuance of convertible notes	1,825	2,375
Proceeds from net issuance of common stock under equity-based compensation plans	538	6,020
Acquisition of noncontrolling interests	0	(33,281)
Repayment of convertible note	0	(2,200)
Contributions from noncontrolling interests	0	1,153
Net cash provided by (used in) financing activities	40,751	(25,933)
Net increase (decrease) in cash and cash equivalents	(57,718)	96,378
Cash and cash equivalents at beginning of period	156,152	59,774
Cash and cash equivalents at end of period	98,434	156,152
Noncash financing activities
Conversion of convertible note into noncontrolling interest	2,000	0
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities	0	71
Cash paid (refunded) for income taxes	$ (4,433)	$ 37,801