CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net loss	$ (48,501)	$ (37,340)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation expense	9,374	8,227
Accretion on marketable securities	(2,311)	(3,306)
Depreciation and amortization	76	76
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,742	411
Accounts payable	1,720	1,214
Accrued expenses and other liabilities	(5,255)	(7,529)
Net cash used in operating activities	(43,155)	(38,247)
Investing activities:
Maturities of marketable securities	162,645	144,325
Purchase of marketable securities	(125,840)	(131,369)
Net cash provided by investing activities	36,805	12,956
Financing activities:
Issuance of common stock under equity-based compensation plans	0	1,085
Net cash provided by financing activities	0	1,085
Net decrease in cash and cash equivalents	(6,350)	(24,206)
Cash and cash equivalents at beginning of period	83,005	98,434
Cash and cash equivalents at end of period	76,655	74,228
Non-cash financing activities and supplemental cash flow information
Cash paid refunded for income taxes	$ 0	$ (3,870)