CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (109,279)	$ (84,582)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	28,880	20,380
Net accretion on marketable securities	(1,830)	(4,283)
Change in fair value of related party revenue share liability	2,570	1,430
Other non-cash	120	32
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3)	818
Other assets	(3,036)	(9,183)
Accounts payable	(7,688)	20,940
Accrued expenses and other liabilities	(2,133)	(373)
Net cash used in operating activities	(92,399)	(54,821)
Cash flows from investing activities:
Purchases of marketable securities	(200,963)	(277,177)
Proceeds from maturities and sales of marketable securities	181,549	302,594
Net cash provided by (used in) investing activities	(19,414)	25,417
Cash flows from financing activities:
Proceeds from issuance of common stock, net	10,135	4,554
Payments of equity issuance costs	(334)	(6)
Net cash provided by financing activities	9,801	4,548
Net decrease in cash and cash equivalents	(102,012)	(24,856)
Cash and cash equivalents at beginning of period	261,745	145,691
Cash and cash equivalents at end of period	159,733	120,835
Supplemental disclosure of noncash investing and financing information:
Operating lease right-of-use asset	$ 0	$ 798