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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Collaboration revenue $ 39,211 $ 47,072 $ 78,592
Revenue from Contract with Customer, Product and Service [Extensible List] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Operating expenses:      
Research and development $ 316,568 $ 240,248 $ 189,081
General and administrative [1] 68,187 63,534 55,041
Impairment of long-lived assets 3,855 4,925 0
Total operating expenses 388,610 308,707 244,122
Loss from operations (349,399) (261,635) (165,530)
Other income (expense):      
Interest and other income 38,418 38,026 18,764
Interest and other expense (370) (249) (196)
Total other income 38,048 37,777 18,568
Net loss (311,351) (223,858) (146,962)
Other comprehensive loss:      
Unrealized gain (loss) on marketable securities 3,285 (933) 4,397
Total comprehensive loss (308,066) (224,791) (142,565)
Reconciliation of net loss to net loss attributable to common stockholders:      
Net Income (Loss) (311,351) (223,858) (146,962)
Net loss attributable to common stockholders $ (311,351) $ (223,858) $ (146,962)
Net loss per share, basic $ (3.69) $ (2.98) $ (2.52)
Net loss per share, diluted $ (3.69) $ (2.98) $ (2.52)
Total weighted average common stock outstanding, basic and diluted 84,490,585 75,043,991 58,365,499
Total weighted average common stock outstanding, basic and diluted 84,490,585 75,043,991 58,365,499
[1]

(3) General and administrative expense for the years ended December 31, 2025, 2024 and 2023 is inclusive of $28.4 million, $27.2 million, and $21.6 million of stock-based compensation expense, respectively.