Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenue:
Total revenue	$ 183,489	$ 1,035	$ 189,985	$ 2,530
Operating costs and expenses:
Cost of services	478	611	1,415	1,494
Research and development	68,417	50,627	174,804	145,486
General and administrative	44,628	15,055	71,252	41,070
Total operating costs and expenses	113,523	66,293	247,471	188,050
Income (loss) from operations	69,966	(65,258)	(57,486)	(185,520)
Other income (expense), net:
Interest and investment income	2,969	1,420	5,698	5,137
Interest expense	(1,188)	(644)	(8,951)	(646)
Convertible note remeasurement loss	(11,631)	0	(11,731)	0
Other income (expense), net	(6)	13	(8)	(45)
Net income (loss)	$ 60,110	$ (64,469)	$ (72,478)	$ (181,074)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.60	$ (0.95)	$ (0.92)	$ (2.66)
Diluted (in dollars per share)	$ 0.58	$ (0.95)	$ (0.92)	$ (2.66)
Weighted-average shares outstanding used in computing net income (loss) per share:
Basic (in shares)	100,174,038	68,016,817	78,885,912	67,998,124
Diluted (in shares)	103,221,841	68,016,817	78,885,912	67,998,124
License and collaboration revenue
Revenue:
Total revenue	$ 182,547	$ 0	$ 187,702	$ 0
Service and other revenue
Revenue:
Total revenue	$ 942	$ 1,035	$ 2,283	$ 2,530