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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 261,745 $ 145,691
Marketable securities 1,110,207 972,611
Prepaid expenses and other current assets 20,474 14,146
Total current assets 1,392,426 1,132,448
Other assets 20,279 9,304
Total assets 1,412,705 1,141,752
Current liabilities:    
Accounts payable 30,158 5,225
Accrued expenses and other current liabilities 61,013 48,795
Total current liabilities 91,171 54,020
Related party revenue share liability 73,160 17,940
Other liabilities 35 0
Total liabilities 164,366 71,960
Commitments and contingencies (Note 10)
Stockholders' equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding 0 0
Additional paid-in capital 2,218,407 1,616,895
Accumulated other comprehensive income (loss) 2,353 (59)
Accumulated deficit (972,429) (547,052)
Total stockholders' equity 1,248,339 1,069,792
Total liabilities and stockholders' equity 1,412,705 1,141,752
Common Class A [Member]    
Stockholders' equity:    
Common stock 7 7
Class B Convertible Common Stock [Member]    
Stockholders' equity:    
Common stock $ 1 $ 1