CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss	$ (167,575)	$ (155,101)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation expense	37,824	30,438
Accretion on marketable securities	(15,469)	(10,154)
Impairment of long-lived assets	0	440
Depreciation and amortization	306	310
Non cash contributions from noncontrolling interests	0	131
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,472)	(5,944)
Accounts payable	(812)	(167)
Accrued expenses and other liabilities	2,895	10,054
Income tax payable	0	(4,282)
Net cash used in operating activities	(145,303)	(134,275)
Investing activities:
Maturities of marketable securities	584,817	409,397
Purchase of marketable securities	(721,131)	(373,383)
Purchase of property and equipment	0	(208)
Net cash provided by (used in) investing activities	(136,314)	35,806
Financing activities:
Issuance of common stock	262,652	38,388
Net issuance of convertible notes	0	1,825
Net issuance of common stock under equity-based compensation plans	7,984	538
Acquisition of noncontrolling interests	(4,448)	0
Net cash provided by financing activities	266,188	40,751
Net decrease in cash and cash equivalents	(15,429)	(57,718)
Cash and cash equivalents at beginning of period	98,434	156,152
Cash and cash equivalents at end of period	83,005	98,434
Non-cash investing and financing activities and supplemental cash flow information
Conversion of convertible note into noncontrolling interest	0	2,000
Cash refunded for income taxes	$ (2,274)	$ (4,433)