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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 $ (465,317) $ (298,408) $ (214,529)
Reconciliation of net loss to net cash used in operating activities:      
Stock-based compensation 91,024 69,386 40,937
Depreciation and amortization 3,890 2,785 1,098
Noncash lease expense 3,014 3,042 1,210
Accretion of purchase discounts and amortization of premiums on investment securities, net (15,425) (14,931) (6,271)
Accretion of purchase discounts and amortization of premiums on investment securities, net 0 0 (2,000)
Loss on equity method investment 0 470 5,198
Loss on disposal of property and equipment 50 51 6
Changes in operating assets and liabilities:      
Trade accounts receivable (592) 0 0
Inventory (2,022) 0 0
Prepaid expenses and other assets (16,511) (5,974) (4,523)
Accounts payable and accrued expenses, compensation and related expenses, and other non-current liabilities 28,983 13,317 12,357
Deferred revenue (1,835) 74 (1,535)
Operating lease liabilities (3,181) (6) (546)
Net cash used in operating activities (377,922) (230,194) (168,598)
CASH FLOWS FROM Investing activities      
Purchases of investment securities (1,004,427) (1,146,772) (527,857)
Purchase of Radionetics preferred stock 0 0 (5,000)
Maturities and sale of investment securities 1,184,097 575,799 337,132
Purchases of property and equipment (5,762) (3,844) (4,688)
Net cash provided by (used in) investing activities 173,908 (574,817) (200,413)
CASH FLOWS FROM Financing activities      
Proceeds from issuance of common stock, net of commissions 0 985,030 369,560
Offering costs related to issuance of common stock 0 (14,982) (541)
Proceeds from exercise of stock options and shares issued under Employee Stock Purchase Plan 40,611 44,611 22,216
Net cash provided by financing activities 40,611 1,014,659 391,235
Net change in cash, cash equivalents and restricted cash (163,403) 209,648 22,224
Exchange rate changes on cash, cash equivalents and restricted cash (106) 0 0
Cash, cash equivalents and restricted cash - beginning of period 265,845 56,197 33,973
Cash, cash equivalents and restricted cash - end of period 102,336 265,845 56,197
Components of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 101,536 264,545 54,897
Restricted cash 800 1,300 1,300
Cash, cash equivalents and restricted cash at end of period 102,336 265,845 56,197
Non-cash investing and financing activities      
Private company shares received under licensing arrangements 0 0 2,000
Exercise of Radionetics Warrant 0 0 668
Stock options exercised receivable 10 76 166
Receivable for common stock issuances 0 0 87
Accrued financing costs 0 0 26
Stock held in trust 112 0 0
Amounts accrued for purchases of property and equipment 389 180 872
Right-of-use asset obtained in exchange for lease obligations 0 0 46,273
Leasehold improvements paid by the lessor $ 0 $ 0 $ 2,925