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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of effective income tax rate reconciliation | The following tables present reconciliations of the U.S. federal statutory income tax rate of 21% to the Company’s effective income tax rate for the years ended December 31, 2025, 2024 and 2023 (dollar values in thousands):
| Year Ended December 31, 2025 |
U.S. federal statutory income tax rate | $ | (89,206 | ) |  |  | 21.0 | %
State and local income tax, net of federal (national) income tax effect |  | 585 |  |  |  | (0.1 | )%
Foreign tax effects |  | — |  |  |  | — | %
Effect of changes in tax laws or rates enacted in the current period |  | — |  |  |  | — | %
Effect of cross-border tax laws |  | — |  |  |  | — | %
Tax credits |  |  |  |  |
Orphan drug credit |  | (27,137 | ) |  |  | 6.4 | %
R&D credit |  | 1,061 |  |  |  | (0.3 | )%
Changes in valuation allowances |  | 114,819 |  |  |  | (27.0 | )%
Nontaxable or nondeductible items |  |  |  |  |
Section 162(m) limitation |  | 12,316 |  |  |  | (2.9 | )%
Stock-based compensation |  | (12,413 | ) |  |  | 2.9 | %
Permanent adjustments |  | 113 |  |  |  | — | %
Changes in unrecognized tax benefits |  | — |  |  |  | — | %
Other adjustments |  | 447 |  |  |  | (0.1 | )%
Effective income tax rate | $ | 585 |  |  |  | (0.1 | )%
| Year Ended December 31, |
| 2024 |  |  | 2023 |
U.S. federal statutory income tax rate |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  | 6.7 | % |  |  | 8.3 | %
Tax credits generated |  | 14.3 | % |  |  | 5.7 | %
Change in deferred tax asset valuation allowance |  | (45.8 | )% |  |  | (38.7 | )%
Stock-based compensation |  | 3.6 | % |  |  | 3.5 | %
Other |  | (0.1 | )% |  |  | 0.2 | %
Effective income tax rate |  | (0.3 | )% |  |  | — | %
Schedule of deferred tax assets and liabilities | Net deferred tax assets consisted of the following (in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 139,120 |  |  | $ | 56,677 |
Capitalized research and development |  |  | 103,127 |  |  |  | 94,002 |
Research and development tax credit carryforwards |  |  | 82,361 |  |  |  | 52,117 |
Change in fair value of related party revenue share liability |  |  | 19,284 |  |  |  | 4,785 |
Stock-based compensation |  |  | 14,225 |  |  |  | 9,705 |
Other, net |  |  | 4,648 |  |  |  | 2,714 |
Total gross deferred tax assets |  |  | 362,765 |  |  |  | 220,000 |
Valuation allowance |  |  | (362,495 | ) |  |  | (220,000 | )
Total net deferred tax assets |  |  | 270 |  |  |  | — |
Deferred tax liabilities: |  |  |  |  |  |
Other |  |  | (270 | ) |  |  | — |
Total gross deferred tax liabilities |  |  | (270 | ) |  |  | — |
Net deferred tax assets |  | $ | — |  |  | $ | — |

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