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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (107,348) $ (70,690) $ (188,679)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,188 2,040 1,321
Loss on disposal of property and equipment (260) 174 3
Noncash operating lease expense 3,310 1,010 903
Right of use asset expensed 794 18,871 63,278
Amortization of premiums and discounts on marketable securities (15,459) (11,048) (2,125)
Share-based compensation 61,086 41,789 21,544
Changes in operating assets and liabilities:      
Prepaid expenses and other current and non-current assets 8,611 (8,359) (5,695)
Accounts payable and other current liabilities (70) (6,474) 7,419
Accrued liabilities 42,009 5,593 (395)
Operating lease liabilities (3,767) 13,461 3,123
Contract liability to related party (86,154) 221,206  
Other non-current liabilities 8,593    
Net cash provided by (used in) operating activities (83,467) 207,573 (99,303)
Cash flows from investing activities      
Purchases of property and equipment (13,434) (21,428) (2,277)
Purchases of marketable securities (597,311) (442,429) (273,737)
Proceeds from maturities of marketable securities 427,700 309,345 158,340
Net cash used in investing activities (183,045) (154,512) (117,674)
Cash flows from financing activities      
Proceeds from issuance of common stock (initial public offering), net of transactions costs     129,156
Proceeds from issuance of common stock in private placement, net of transactions costs   299,706 9,958
Proceeds from issuance of common stock (follow-on offering), net of transactions costs     120,719
Proceeds from exercise of stock options and early exercise of restricted stock 14,595 7,758 2,467
Proceeds from issuance of common stock under the employee stock purchase plan 1,164 1,091  
Payments under finance leases (39,846) (29,392) (9,675)
Net cash provided by (used in) financing activities (24,087) 279,163 252,625
Net increase (decrease) in cash and cash equivalents and restricted cash (290,599) 332,224 35,648
Cash and cash equivalents and restricted cash, beginning of the year 398,904 66,680 31,032
Cash and cash equivalents and restricted cash, end of the period 108,305 398,904 66,680
Supplemental disclosures of cash flow information:      
Cash paid for income taxes 1,635 212  
Supplemental disclosures of noncash investing and financing activities:      
Purchase of property and equipment included in accounts payable and accrued liabilities $ 325 $ 1,841 $ 770