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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (425,377) $ (260,756) $ (126,219)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 86,502 60,579 25,563
Net accretion on marketable securities (11,107) (14,669) (10,109)
Change in fair value of related party revenue share liability 55,220 17,940 0
Other non-cash 345 0 0
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (6,342) (7,563) 644
Other assets (10,508) (3,408) (1,428)
Accounts payable 24,599 (4,049) 2,169
Accrued expenses and other liabilities 11,459 26,862 9,641
Net cash used in operating activities (275,209) (185,064) (99,739)
Cash flows from investing activities:      
Purchases of marketable securities (1,057,766) (1,024,963) (459,486)
Proceeds from maturities and sales of marketable securities 933,689 451,449 315,959
Net cash used in investing activities (124,077) (573,514) (143,527)
Cash flows from financing activities:      
Proceeds from issuance of common stock, net 515,722 569,987 338,480
Payments of equity issuance costs (382) (483) (856)
Payments of insurance costs financed by a third-party 0 (622) (777)
Net cash provided by financing activities 515,340 568,882 336,847
Net increase (decrease) in cash and cash equivalents 116,054 (189,696) 93,581
Cash and cash equivalents at beginning of period 145,691 335,387 241,806
Cash and cash equivalents at end of period 261,745 145,691 335,387
Supplemental disclosure of noncash investing and financing information:      
Operating lease right-of-use asset 798 0 0
Equity issuance costs 336 6 0
Insurance premium financed by a third-party $ 0 $ 0 $ 1,399