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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Pre-Tax Loss

For the three years in the period ended December 31, 2025, domestic and foreign pre-tax loss were:

			Year ended December 31,
			2025						2024						2023
Loss before income taxes - Domestic			$	(453,630)					$	(297,441)					$	(208,829)
Loss before income taxes - Foreign			(11,507)						(497)						(502)
Loss before income taxes - Consolidated			$	(465,137)					$	(297,938)					$	(209,331)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows in the period ended December 31, 2025:

			Year ended December 31,
			2025						2024						2023
Current expense:
U.S. Federal			$	—					$	—					$	—
State			—						—						—
Foreign			180						—						—
Total current expense (benefit)			180						—						—
Deferred expense:			—						—						—
U.S. Federal			—						—						—
State			—						—						—
Foreign			—						—						—
Total deferred expense (benefit)			—						—						—
Total expense (benefit)			$	180					$	—					$	—

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to the loss from operations for the three years in the period ended December 31, 2025 is as follows:

			Year ended December 31,
			2025									2024									2023
Tax computed at federal statutory rate			$	(97,679)		21.00		%				$	(62,666)		21.00		%				$	(45,051)		21.00		%
State tax, net of federal income tax effect (1)			(884)			0.19		%				(593)			0.20		%				(375)			0.17		%
Foreign tax effects			2,595			(0.56)		%				104			(0.03)		%				105			(0.05)		%
Non-taxable or nondeductible items
Stock-based compensation			104			(0.02)		%				(7,395)			2.47		%				1,252			(0.58)		%
Other			4,208			(0.90)		%				2,487			(0.84)		%				167			(0.08)		%
Changes in valuation allowance			108,651			(23.36)		%				84,071			(28.17)		%				56,780			(26.47)		%
Tax credits
Federal R&D credits (2)			(20,550)			4.42		%				(19,527)			6.54		%				(15,455)			7.20		%
Other tax credits			(240)			0.05		%				—			—		%				—			—		%
Changes in unrecognized tax benefits			3,966			(0.85)		%				3,515			(1.18)		%				2,691			(1.25)		%
Other adjustments
Other			9			(0.01)		%				4			0.01		%				(114)			0.06		%
Provision for income taxes			$	180		(0.04)		%				$	—		—		%				$	—		—		%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California for 2025, 2024, and 2023.

(2) Federal R&D credits include research and development and orphan drug credits.

Schedule of Income Taxes Paid, Net of Refunds

A summary of income taxes paid, net of refunds received, for the year ended December 31, 2025, 2024, and 2023 are as follows:

			Year ended December 31,
			2025						2024						2023
Foreign
Australia			89						—						—
Income taxes paid, net			$	89					$	—					$	—

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets are comprised of the following as of December 31, 2025 and 2024:

			December 31,
			2025						2024
Deferred tax assets:
Net operating loss carryforwards			$	201,110					$	109,135
Capitalized research expenses			71,799						83,785
R&D and other tax credits			79,999						57,901
Stock-based compensation			23,420						18,090
Lease liabilities			10,490						11,592
Accrued expenses and other, net			11,035						7,488
Equity method investment			3,418						3,544
Total deferred tax assets			401,271						291,535
Less: valuation allowance			(392,031)						(281,784)
Total deferred tax assets after valuation allowance			9,240						9,751
Deferred tax liabilities:
Right-of use assets			(8,750)						(9,751)
Other deferred tax liabilities			(490)						—
Total deferred tax liabilities			(9,240)						(9,751)
Net deferred tax assets			$	—					$	—

Schedule of Unrecognized Tax Benefits

A summary of the Company's total unrecognized stock-based compensation expense, as of December 31, 2025, is as follows:

			Unrecognized Stock-Based Compensation Expense (in thousands)						Average Remaining Vesting Period (in years)
Stock option awards			$	122,413					2.4
RSU awards			$	61,297					2.7
ESPP			$	6,600					1.4

Changes to the Company’s unrecognized tax benefits are summarized in the following table:

			Year ended December 31,
			2025						2024						2023
Beginning balance			$	10,689					$	6,946					$	4,110
Increase (decrease) for prior year tax positions			(20)						(85)						188
Increase (decrease) for current year tax positions			4,083						3,828						2,648
Decreases due to settlements			—						—						—
Expiration of the statute of limitations for the assessment of taxes			—						—						—
Ending balance			$	14,752					$	10,689					$	6,946

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