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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total revenue, net $ 7,696 $ 1,039 $ 4,013
Operating expenses:      
Cost of product revenue 1,076 0 0
Research and development 332,058 240,156 168,527
Selling, general and administrative 191,331 99,737 58,094
Total operating expenses 524,465 339,893 226,621
Loss from operations (516,769) (338,854) (222,608)
Other income (expense):      
Interest income 51,989 41,435 13,436
Other expense, net (357) (519) (159)
Total other income, net 51,632 40,916 13,277
Loss before income taxes (465,137) (297,938) (209,331)
Income tax expense 180 0 0
Loss before equity method investment (465,317) (297,938) (209,331)
Loss on equity method investment 0 (470) (5,198)
Net loss $ (465,317) $ (298,408) $ (214,529)
Net loss per share:      
Net loss per share - basic (in dollar per share) $ (4.95) $ (3.69) $ (3.69)
Net loss per share - diluted (in dollar per share) $ (4.95) $ (3.69) $ (3.69)
Weighted average shares - basic (in shares) 94,057 80,783 58,071
Weighted average shares - diluted (in shares) 94,057 80,783 58,071
Other comprehensive income (loss):      
Unrealized gain (loss) on investment securities $ 1,074 $ (14) $ 4,908
Unrealized loss on foreign currency (172) 0 0
Total other comprehensive income (loss) 902 (14) 4,908
Comprehensive loss (464,415) (298,422) (209,621)
Product revenue, net      
Total revenue, net 5,420 0 0
Collaboration and license revenue      
Total revenue, net $ 2,276 $ 1,039 $ 4,013