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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (185,993) $ (87,927)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 44,441 18,073
Net accretion on marketable securities (9,736) (8,017)
Change in fair value of related party revenue share liability 16,600 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,783) 712
Other assets (3,287) (839)
Accounts payable 6,580 2,676
Accrued expenses 13,114 5,792
Net cash used in operating activities (123,064) (69,530)
Cash flows from investing activities:    
Purchases of marketable securities (712,468) (292,764)
Proceeds from maturities and sales of marketable securities 308,999 205,498
Net cash used in investing activities (403,469) (87,266)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net 561,200 3,669
Payments of equity issuance costs (188) (90)
Payments of insurance costs financed by a third-party (622) (155)
Net cash provided by financing activities 560,390 3,424
Net increase (decrease) in cash and cash equivalents 33,857 (153,372)
Cash and cash equivalents at beginning of period 335,387 241,806
Cash and cash equivalents at end of period 369,244 88,434
Supplemental disclosure of noncash financing information:    
Equity issuance costs 237 0
Insurance premium financed by a third-party $ 0 $ 1,399,000