CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net loss	$ (219,879)	$ (167,575)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation expense	36,040	37,824
Accretion on marketable securities	(6,306)	(15,469)
Depreciation and amortization	311	306
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	6,897	(2,472)
Accounts payable	(839)	(812)
Accrued expenses and other liabilities	8,026	2,895
Net cash used in operating activities	(175,750)	(145,303)
Investing activities:
Maturities of marketable securities	416,572	584,817
Purchase of marketable securities	(236,534)	(721,131)
Purchase of property and equipment	(49)	0
Net cash provided by (used in) investing activities	179,989	(136,314)
Financing activities:
Issuance of common stock under equity-based compensation plans	1,088	7,984
Issuance of common stock and pre-funded warrants, net of issuance costs	0	262,652
Acquisition of noncontrolling interests	0	(4,448)
Net cash provided by financing activities	1,088	266,188
Net decrease in cash and cash equivalents	5,327	(15,429)
Cash and cash equivalents at beginning of period	83,005	98,434
Cash and cash equivalents at end of period	88,332	83,005
Non-cash investing and financing activities and supplemental cash flow information
Cash refunded for income taxes	$ (2,970)	$ (2,274)