CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (55,339)	$ (32,094)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	207	29
Equity-based compensation expense	11,126	4,186
Amortization of discounts on marketable securities	(2,379)	(2,710)
Non-cash lease expense	857	266
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	895	(1,462)
Other non-current assets	(6,841)	0
Accounts payable	1,374	2,159
Operating lease liability	(1,014)	(263)
Accrued expenses	2,637	(1,747)
Net cash used in operating activities	(48,477)	(31,636)
Cash flows from investing activities:
Purchases of marketable securities	(98,201)	(125,892)
Maturities of marketable securities	115,500	74,500
Purchases of property and equipment	(4,317)	(351)
Net cash provided by (used in) investing activities	12,982	(51,743)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	0	450,496
Proceeds from exercise of options	622	24
Net cash provided by financing activities	622	450,520
Increase (decrease) in cash, cash equivalents and restricted cash	(34,873)	367,141
Cash, cash equivalents and restricted cash, beginning of period	142,083	118,610
Cash, cash equivalents and restricted cash, end of period	107,210	485,751
Supplemental disclosures of non-cash activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	999	0
Property and equipment in accounts payable	229	0
Unpaid financing cost in accrued liability	37	541
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	106,916	485,457
Restricted cash	294	294
Total	$ 107,210	$ 485,751