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	$ (75,968)	$ (46,833)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Share-based compensation expense	11,639	5,918
Depreciation expense	576	274
Accretion of asset retirement obligation	10
Non-cash lease expense	639	412
Accretion of net investment discounts	(3,246)	(5,197)
Changes in operating assets and liabilities:
Other receivable	100,000
Prepaid expenses and other current assets	(7,988)	(5,047)
Other non-current assets	(4,838)	(990)
Accounts payable	(4,967)	686
Accrued expenses and other current liabilities	(134)	(993)
Operating lease liabilities	(695)	(459)
Other non-current liabilities	206
Net cash provided by (used in) operating activities	15,234	(52,229)
Cash flows from investing activities
Purchases of short-term investments	(647,468)	(116,106)
Proceeds from maturities of short-term investments	151,703	150,453
Purchases of property and equipment	(1,182)	(314)
Net cash (used in) provided by investing activities	(496,947)	34,033
Cash flows from financing activities
Payments of offering costs	(37)
Proceeds from exercise of share options	869	965
Payment of taxes on restricted share units withheld for taxes	(2,574)	(156)
Net cash (used in) provided by financing activities	(1,742)	809
Net change in cash and cash equivalents	(483,455)	(17,387)
Beginning of the period	799,623	169,510
End of the period	316,168	152,123
Supplemental disclosures of noncash investing and financing activities
Offering costs included in accounts payable and accrued expenses and other current liabilities	$ 405	100
Operating lease right-of-use assets obtained in exchange for new lease liabilities		$ 4,190