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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating expenses:      
Research and development $ 306,970 $ 217,774 $ 113,243
General and administrative 107,337 62,594 36,249
Total operating expenses 414,307 280,368 149,492
Loss from operations (414,307) (280,368) (149,492)
Other income (expense):      
Change in fair value of related party revenue share liability (55,220) (17,940) 0
Interest income and other income (expense), net 44,735 38,316 23,273
Total other income (expense), net (10,485) 20,376 23,273
Loss before income taxes (424,792) (259,992) (126,219)
Income tax provision 585 764 0
Net loss $ (425,377) $ (260,756) $ (126,219)
Net loss per share attributable to Class A and Class B common stockholders, basic $ (5.85) $ (3.93) $ (2.17)
Net loss per share attributable to Class A and Class B common stockholders, diluted $ (5.85) $ (3.93) $ (2.17)
Weighted average shares of Class A and Class B common stock outstanding, basic 72,686,749 66,408,807 58,223,339
Weighted average shares of Class A and Class B common stock outstanding, diluted 72,686,749 66,408,807 58,223,339
Comprehensive loss:      
Net loss $ (425,377) $ (260,756) $ (126,219)
Other comprehensive income (loss):      
Unrealized gains (losses) on marketable securities 2,412 (90) 525
Comprehensive loss $ (422,965) $ (260,846) $ (125,694)