Organization and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2025:
Assets:
Cash equivalents:
Money market funds	$	37,868	$	37,868	$	—	$	—
Commercial paper		28,399		—		28,399		—
Total cash equivalents		66,267		37,868		28,399		—
Short-term investments:
U.S. Treasury securities		77,750		77,750		—		—
U.S. agency bonds		332,666		—		332,666		—
Corporate debt securities		299,372		—		299,372		—
Commercial paper		230,615		—		230,615		—
Total short-term investments		940,403		77,750		862,653		—
Restricted cash:
Money market account		816		816		—		—
Total restricted cash		816		816		—		—
Total assets measured at fair value on a recurring basis	$	1,007,486	$	116,434	$	891,052	$	—

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2024:
Assets:
Cash equivalents:
Money market funds	$	427,959	$	427,959	$	—	$	—
Total cash equivalents		427,959		427,959		—		—
Short-term investments:
U.S. Treasury securities		95,474		95,474		—		—
U.S. agency bonds		300,845		—		300,845		—
Corporate debt securities		161,997		—		161,997		—
Commercial paper		36,252		—		36,252		—
Total short-term investments		594,568		95,474		499,094		—
Restricted cash:
Money market account		816		816		—		—
Total restricted cash		816		816		—		—
Total assets measured at fair value on a recurring basis	$	1,023,343	$	524,249	$	499,094	$	—

Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the condensed statements of cash flows (in thousands):

	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	73,743	$	430,605
Restricted cash		816		816
Total cash and cash equivalents and restricted cash	$	74,559	$	431,421

Summary of Short-Term Investments

The following tables summarize short-term investments (in thousands):

	As of March 31, 2025
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	77,330	$	420	$	—		$	77,750
U.S. agency bonds		330,850		1,846		(30	)		332,666
Corporate debt securities		297,838		1,535		(1	)		299,372
Commercial paper		230,629		25		(39	)		230,615
Total	$	936,647	$	3,826	$	(70	)	$	940,403

	As of December 31, 2024
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	94,984	$	490	$	—		$	95,474
U.S. agency bonds		299,831		1,209		(195	)		300,845
Corporate debt securities		161,336		696		(35	)		161,997
Commercial paper		36,254		20		(22	)		36,252
Total	$	592,405	$	2,415	$	(252	)	$	594,568

Schedule of Contractual Maturities of Available-for-sale Debt Securities

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

	As of March 31, 2025
	Due in 1 Year or Less		Due Between 1 and 3 Years
U.S. Treasury securities	$	64,778	$	12,972
U.S. agency bonds		81,274		251,392
Corporate debt securities		32,773		266,599
Commercial paper		230,615		—
Total	$	409,440	$	530,963

	As of December 31, 2024
	Due in 1 Year or Less		Due Between 1 and 3 Years
U.S. Treasury securities	$	57,858	$	37,616
U.S. agency bonds		78,135		222,710
Corporate debt securities		—		161,997
Commercial paper		36,252		—
Total	$	172,245	$	422,323

Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):

	As of March 31,
	2025		2024
Common stock options outstanding		9,995,064		9,850,776
Restricted stock units outstanding		603,132		—
Unvested common stock		—		5,771
Employee stock purchase plan shares		78,772		55,251
Total potentially dilutive shares		10,676,968		9,911,798