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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (860,414) $ (160,112)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of discount on short-term investments (3,989) (4,926)
Unrealized foreign exchange (gain) loss (414) 400
Depreciation 104 67
Stock-based compensation 620,641 39,966
Acquired in-process research and development expense 0 15,007
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 3,658 959
Accounts payable 17,448 486
Accrued liabilities 7,397 9,600
Other current liabilities 134 294
Other non-current liabilities 82 70
Other long-term assets (4,528) 2,456
Accrued compensation (1,047) 2,515
Operating lease right-of-use assets and lease liabilities, net (64) (215)
Net cash used in operating activities (220,992) (93,433)
Cash flows from investing activities:    
Purchases of property and equipment (493) (125)
Purchase of short-term investments 0 (530,544)
Maturities and sales of short-term investments 311,340 256,853
Payments to Akeso for upfront milestone payments and associated direct transaction costs 0 (15,007)
Net cash provided by (used in) investing activities 310,847 (288,823)
Cash flows from financing activities:    
Proceeds from the issuance of common stock via private placements, net of offering costs 0 434,961
Proceeds received related to the exercise of warrants 7,315 101
Repayment of related party promissory notes 0 (75,500)
Proceeds received related to employee stock awards and purchase plans 4,633 2,240
Net cash provided by financing activities 43,712 404,839
Effect of exchange rate changes on cash 121 90
Increase in cash, cash equivalents and restricted cash 133,688 22,673
Cash, cash equivalents and restricted cash at beginning of period 105,187 71,425
Cash, cash equivalents and restricted cash at end of period 238,875 94,098
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 238,554 93,775
Restricted cash 321 323
Cash, cash equivalents, and restricted cash 238,875 94,098
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest on related party promissory notes 0 1,501
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Offering costs included in accounts payable and accrued expenses 85 105
Leased assets obtained in exchange for operating lease liabilities 815 4,216
Unpaid amounts related to purchase of property, plant and equipment 164 0
At Market Offering    
Cash flows from financing activities:    
Proceeds from Issuance of Common Stock $ 31,764 $ 43,037